Breaking: Ripple Secures Key In-Principle Approval from DFSA to Expand in UAE

Ripple has obtained in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its blockchain-based payment services in the United Arab Emirates (UAE). This approval allows Ripple to operate from the Dubai International Financial Centre (DIFC), significantly boosting its presence as a regulated entity within the Middle East.

Ripple Gains Ground in UAE with Strategic DFSA Authorization

In a recent post on X platform, the XRP company revealed its achievement of securing in-principle approval from the DFSA. This critical milestone allows the company to roll out its advanced payment solutions, such as Ripple Payments Direct (RPD), within the UAE. The expansion is part of a broader strategy to enhance the firm’s global footprint by integrating compliant blockchain technologies across major financial hubs.

Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, highlighted the strategic significance of this approval. Jaffery stated welcomed the the developments stating,

“At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”

More so, with the new DFSA approval, the XRP company continues to solidify its stance as a leader in the blockchain payment industry, holding over 55 licenses globally. These include authorizations from significant bodies such as the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI).

Brad Garlinghouse, CEO of Ripple, emphasized the importance of adapting to the regulatory environments of different regions. He stressed that blockchain is here to stay and praised DFSA stating,

“With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”

Commitment to Fintech Innovation in the UAE

Further advancing its commitment in the region, Ripple has announced a renewed strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). The XRP company has increased the total funding grant to more than $1 million. This initiative will support a variety of research projects and student initiatives in blockchain technology.

Additionally, Ripple has partnered with the DIFC Innovation Hub as part of its global 1B XRP Fund program. This collaboration aims to strengthen blockchain and digital asset innovation in the UAE by connecting emerging developers with DIFC’s extensive network, which encompasses over 1,000 tech firms, digital labs, and venture capital entities.

This series of moves and regulatory accomplishments underscores the firm’s dedication to fostering a digital economy in the UAE and beyond. However, the XRP company has been facing legal challenges, particularly with the SEC’s ongoing lawsuit that has recently garnered increased attention as the deadline for a possible SEC appeal approaches. 

Most recently, former SEC attorneys have pointed out the possible advantages for the SEC if it decides to pursue an appeal. These developments come amidst plans and speculations for the XRP company stablecoin launch timelines. Concurrently, Ripple minted 80,000 RLUSD to perfect the process of minting and burning the tokens ahead of its anticipated launch. 

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.