Ripple Obtains License to Provide Payment Services in Dubai

Ripple continues to expand its presence in the Middle East, securing a payment services license for digital assets from Dubai’s financial regulator.

Ripple, a leading developer of enterprise blockchain solutions, announced that it received a license from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payment services in the Dubai International Financial Centre (DIFC).

Approval from the local regulator will allow Ripple to expand its operations in the UAE and strengthen its position in international payments. According to Brad Garlinghouse, CEO of Ripple, the UAE is one of the most attractive destinations for blockchain companies, thanks to its favorable environment for tech and crypto innovations.

Entering the Middle Eastern market is of strategic importance for Ripple, says Reece Merrick, Ripple’s Managing Director for the Middle East and Africa. He emphasizes that the new license will enable the company to collaborate with local banks and FinTech firms, while also meeting the growing demand for digital assets from institutional investors in the region.

Ripple’s DFSA license approval comes just as news emerged about the upcoming resolution of its legal dispute with the U.S. Securities and Exchange Commission (SEC). The SEC accused Ripple of illegally selling XRP tokens back in 2020. According to Stuart Alderoty, Ripple’s Chief Legal Officer, the SEC case will soon be closed once both parties reach a mutually acceptable settlement. Alderoty noted that Ripple will push for the removal of restrictions on XRP sales to institutional investors and for the SEC to drop the $125 million fine imposed on the company.