Ripple Secures DFSA Approval to Expand Payment Services in UAE, Strengthening Its Global Presence

The Dubai Financial Services Authority (DFSA) has given Ripple the green light to expand its services from the Dubai International Financial Centre (DIFC). This is a big deal for Ripple, as it allows them to offer their full range of payment services in the UAE.

Ripple plans to roll out its advanced digital asset infrastructure to more customers throughout the United Arab Emirates. This move is a significant step forward for the company.

Brad Garlinghouse, Ripple’s CEO, praised the UAE for its welcoming attitude toward cryptocurrency. In a post on X (formerly Twitter), he said, “Regulatory clarity is what businesses want, and what consumers need. The UAE understands that.”

This approval will enhance Ripple’s operations in the Middle East. Ripple set up its regional headquarters in Dubai back in 2020, and now, with this expansion, they aim to provide faster and more cost-effective cross-border payment solutions for businesses.

Additionally, this strengthens Ripple’s global presence. By being a regulated entity, they can offer seamless cross-border payment services in Dubai. Ripple is now the first DFSA-licensed blockchain-enabled payment service provider, which is a significant milestone.

The Middle East is proving to be a favorable environment for cryptocurrency businesses. Other major companies, like Animoca Brands, are also looking to the region. They are considering going public there by early 2025.

The UAE’s clear regulatory framework positions it as a global hub for financial services and trade. Crypto companies are drawn to the region because it provides access to fast-growing markets across the Middle East, Africa, and South Asia. This is likely why Ripple continues to invest in the area.

Garlinghouse noted that the UAE’s forward-thinking regulatory approach creates a thriving environment for innovative businesses. He stated, “With its clear guidance for businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”

However, Ripple still faces challenges in the U.S. with the Securities and Exchange Commission (SEC). Reports suggest the SEC may appeal Ripple’s partial victory regarding the XRP token’s classification as a non-security. This leaves some uncertainty in the air.

Currently, the XRP token is trading at $0.59, down nearly 4% in the last 24 hours. It continues to struggle to stay above the crucial psychological level of $1.00.