Ripple has secured its first official license in the Middle East from the Dubai Financial Services Authority (DFSA). With this approval, the blockchain company is permitted to offer regulated crypto services within the Dubai International Finance Centre (DIFC).
The full approval of the license comes months after the regulator granted principal approval to expand its services in the region.
The approval of the XRP provider enables it to further strengthen the emirate’s position as a progressive center for crypto innovation. Ripple stated:
“This license underscores our commitment to both the region and global regulation,”
Brad Garlinghouse, CEO of Ripple, has previously praised Dubai’s crypto-friendly attitude towards businesses related to digital assets. “Regulatory clarity is what businesses want and what consumers need. The UAE understands that,” Garlinghouse said in October last year. Notably, Ripple established its regional headquarters in Dubai in 2020.
According to a 2024 study by the XRP provider, 64% of financial leaders consider faster payments and settlement times a top priority. This aligns with the role of the United Arab Emirates (UAE) as a global financial hub, processing nearly $40 billion in cross-border remittances annually.
With the DFSA license, Ripple can now serve payment service providers, exchange offices, financial institutions, and large corporations in the region. Private customers are excluded, according to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa.
With a rapidly growing customer base in the region, which already represents 20% of Ripple’s global customers, the company appears to be further strengthening its position as the leading crypto payment provider in the Middle East.
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