Ripple recently announced that it has received approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payment services in the UAE, marking its status as the first blockchain-enabled payments provider licensed by the agency.
Key Highlights:
- Ripple has experienced rising demand in the Middle East, with approximately 20% of its global customer base operating in the area.
- The DFSA license enhances Ripple’s portfolio of over 60 regulatory approvals globally, which includes licenses from various financial authorities, such as Singapore and multiple U.S. states.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, CEO of Ripple.
Translation: “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity and increasing institutional adoption.”
Ripple anticipates that the licensing will facilitate greater usage of stablecoins in the UAE, offering benefits such as real-time settlements, which could further boost the growth of its RLUSD stablecoin, currently valued at $134 million in capitalization.
In the last 24 hours, XRP prices have risen nearly 4%, outperforming bitcoin amid the ongoing Ripple vs. SEC court case reportedly approaching its final stages.
