Ripple, a leader in enterprise blockchain and crypto solutions, has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services within the Dubai International Financial Centre (DIFC). This significant milestone makes Ripple the first blockchain-enabled payments provider licensed by the DFSA.

The approval represents Ripple’s first license in the Middle East, showcasing the company’s ongoing commitment to the region and its adherence to global regulatory standards. With this license, Ripple’s compliance-first global payments product becomes available to businesses in the UAE, enhancing Ripple’s reputation as a trusted partner for financial institutions aiming to utilize digital assets for real-world applications.

Brad Garlinghouse, Chief Executive Officer of Ripple, stated that the company is entering a period of unprecedented growth for the crypto industry, fueled by clearer regulations globally and increasing institutional adoption. He emphasized that the UAE’s proactive stance in fostering a supportive environment for tech and crypto innovation positions it to reap substantial benefits.

The UAE is recognized as a global hub for outbound finance, boasting a market exceeding $400 billion for international trade. Ripple has noted a rising demand from both crypto-native firms and traditional financial institutions in the Middle East, who are looking to address the inefficiencies associated with conventional cross-border payments, such as high fees and lengthy settlement times. A business survey conducted by Ripple in 2024 revealed that 64% of finance leaders in the Middle East and Africa (MEA) view faster payments and settlement times as the primary advantage of incorporating blockchain-based currencies into their cross-border payments.

His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority, expressed enthusiasm about Ripple’s deepened commitment to Dubai through its DFSA license. He noted that this achievement not only underscores DIFC’s dedication to fostering innovation but also opens new growth opportunities for Ripple throughout the region and beyond. As a leading financial center in the Middle East, Africa, and South Asia, DIFC supports innovative companies like Ripple in advancing the future of finance and blockchain technology in the payments sector.

Since establishing its Middle East headquarters in DIFC in 2020, Ripple has significantly increased its regional presence, with approximately 20% of its global customer base now operating in the Middle East. This latest regulatory approval positions Ripple to enhance its growth and innovation in a market characterized by high potential. The MEA region exhibits notable institutional readiness for crypto adoption, with more than 82% of finance leaders in the area expressing confidence in integrating blockchain solutions into their operations.

Reece Merrick, Ripple’s Managing Director for Middle East and Africa, remarked that securing the DFSA license is a major step forward that will enable Ripple to meet the growing need for faster, more cost-effective, and transparent cross-border transactions in one of the largest cross-border payments hubs worldwide. He acknowledged the support from DIFC and indicated that Ripple is prepared to expand its local team and customer base.

The utility of payments is expected to enhance the adoption of stablecoins in the UAE, as these digital currencies provide real-time settlement, unlike traditional banking systems that can take days to process transactions. Ripple’s own RLUSD stablecoin, launched at the end of December on global exchanges, has already surpassed a market cap of $130 million.

Ripple’s DFSA license adds to its extensive portfolio of over 60 regulatory approvals globally, which includes licenses from the Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter, a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across several U.S. states.

As Ripple continues to collaborate with regulators and policymakers worldwide, this latest achievement reinforces its mission to bring the advantages of compliant blockchain technology to financial services companies and their customers around the globe.