Ripple Secures UAE License for Crypto Payments
Ripple has secured regulatory approval to provide blockchain-based payments and services within the Dubai International Finance Center (DIFC), making it the first licensed blockchain payments provider recognized by the Dubai Financial Services Authority (DFSA).
The UAE’s Growing Demand for Crypto Payments
With a $40 billion cross-border payments market, the United Arab Emirates (UAE) has a strong demand for faster and cheaper financial transactions. Ripple expects that this regulatory milestone will accelerate the adoption of stablecoins and instant settlements in the region.
Ripple’s Expanding Presence in the Middle East
Ripple has maintained a regional headquarters in Dubai since 2020, and 20% of its global customer base operates in the Middle East. The company has also launched its RLUSD stablecoin, currently holding a $135 million market cap, reinforcing its commitment to digital payment solutions.
Ongoing Legal Battle with the SEC Nears Resolution
Meanwhile, Ripple’s long-standing legal dispute with the U.S. Securities and Exchange Commission (SEC) may be reaching an endgame. Reports suggest that the SEC has softened its stance on crypto enforcement, potentially setting the stage for a settlement or case dismissal.
Ripple CEO Brad Garlinghouse emphasized that regulatory clarity is driving unprecedented growth in the crypto industry, making the UAE a prime location for expansion.
Following the announcement, XRP’s price increased 2.2%, trading at $2.24.
