The Dubai Financial Services Authority (DFSA) has given the green light to Ripple, a leading blockchain-based payment network, to offer its services from the Dubai International Financial Centre (DIFC). This in-principle approval paves the way for Ripple to introduce its cross-border payment solutions, including Ripple Payments Direct (RPD), to customers in the United Arab Emirates (UAE). This development underlines Dubai’s commitment to fostering innovation in financial technology and its vision to become a global fintech hub.
Ripple CEO Brad Garlinghouse expressed his enthusiasm, stating, “Blockchain and crypto technologies are here to stay. 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.”
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, highlighted Dubai’s strategic location and the DIFC’s robust legal and regulatory framework, established over two decades, as key factors that make it an ideal destination for international businesses looking to make a lasting impact.
Ripple’s presence in Dubai dates back to 2020, when it established its headquarters in the city. The company reports that over 20% of its global customer base is located in the UAE, indicating significant regional interest in its services.
This in-principle approval from the DFSA is part of a broader trend of financial technology firms seeking regulatory clearance in Dubai. Crypto.com, a cryptocurrency exchange, received provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA) in 2022. Binance, another major cryptocurrency exchange, was granted a license to conduct certain operations in Dubai the same year.
Traditional financial institutions are also expanding their presence in Dubai’s crypto space. Standard Chartered’s SC Ventures received preliminary approval from the DFSA to establish a crypto brokerage and exchange platform in August 2023. Ripple’s in-principle approval further solidifies Dubai’s position as a leading global hub for blockchain and cryptocurrency innovation.
