CryptoRipple Breaks Ground In Middle East: Secures First Payment...

Ripple Breaks Ground In Middle East: Secures First Payment License

-


Ripple has become the first blockchain payments provider to receive official licensing from the Dubai Financial Services Authority (DFSA). With this approval, Ripple can tap into UAE’s $40 billion cross-border payments market.

On 13 March 2025, Ripple announced unlocking fully regulated cross-border crypto payments in the UAE, “bringing faster, cheaper, and more transparent transactions to a $40B market.”

Commenting on the development, Ripple CEO Brad Garlinghouse said, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”

“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit,” he added.

EXPLORE: 10 Best AI Crypto Coins to Invest in 2025

Ripple’s First License In The Middle East

The company receiving operational rights within the Dubai International Financial Centre (DIFC) means that Ripple’s global payments product will be available for businesses in the UAE.

Welcoming Ripple to the Middle East, Arif Amiri, DIFC CEO said, ”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC.”

Ripple’s Middle Eastern expansion strategy started back in 2020 when the company established its regional headquarters in the DIFC.

“As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” said Amiri.

EXPLORE: EU Adds Russian Crypto Exchange Garantex To Its Sanctions List

UAE : Global Hub For Outbound Finance With  $400bn+ Market For International Trade

Notably, Ripple insists that it is seeing increasing demand from across the Middle East, “from crypto-native firms and traditional financial institutions alike.”

According to a 2024 business survey carried out by Ripple, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest value proposition for incorporating blockchain-based currencies into their cross-border payments business. 

“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s Managing Director for Middle East and Africa.

Key Takeaways

  • Ripple has become the first blockchain payments provider to receive official licensing from the Dubai Financial Services Authority (DFSA). 

  • Ripple’s Middle Eastern expansion strategy started backin 2020 when the company established its regional headquarters in the DIFC. 

The post Ripple Breaks Ground In Middle East: Secures First Payment License appeared first on 99Bitcoins.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

People are using Google’s new AI model to remove watermarks from images

Users on social media have discovered a controversial use case for Google’s new Gemini AI model: removing watermarks...

Crypto PH News Recap: Mar. 10 – 16, 2025

From TravelX’s expansion to PayFi in Siargao, here are some crypto updates from the Philippines. Today, we’ve curated notable...

Advertisement

Peter Schiff: Bitcoin Could Crash Below $65K if Nasdaq Enters a Bear Market

Bitcoin faces a steep decline if the Nasdaq downturn deepens, warns Peter Schiff, predicting a wave of panic...

These Indicators Suggest Bitcoin May Be at the Start of a Bear Market: CryptoQuant

Analysts at the market intelligence platform CryptoQuant have identified concerning signals from on-chain valuation metrics that suggest bitcoin...

Must read

People are using Google’s new AI model to remove watermarks from images

Users on social media have discovered a controversial...

Crypto PH News Recap: Mar. 10 – 16, 2025

From TravelX’s expansion to PayFi in Siargao, here...

You might also likeRELATED
Recommended to you