Ripple just received full regulatory approval by the Dubai Financial Services Authority to provide blockchain-based payment solutions.
Ripple is now the first payment provider to be licensed by the Dubai International Financial Centre. This marks an important expansion of Ripple in the Middle East.
With the DFSA license, the company is poised to tap into the UAE's thriving $40 billion cross-border payments market.
Brad Garlinghouse – Chief Executive Officer at Ripple – said, “Due to the UAE’s early leadership and its supportive environment, it is in an exceptional position to benefit.”
Ripple is the first blockchain payment provider to be licensed by the Dubai Financial Services Authority. https://t.co/6oHWtnjODr
This milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…
— Ripple (@Ripple) March 13, 2025
The latest approval follows Ripple's in-principle DFSA license approval in October 2024, which allowed the company to start offering its services in the DIFC, a key financial zone for global companies.
Ripple has not responded immediately to the question. Decrypt’s Commentary is requested.
Since the Blockchain established its regional headquarters at the DIFC, in 2020 the Middle East now accounts for nearly 20% of the global client base.
The firm achieved a major milestone in November 2023 when it received DFSA approval of XRP. This allowed licensed companies within the DIFC area to integrate the cryptocurrency into their service.
Ripple, a crypto-linked to Ripple, became the first digital asset that was approved by DFSA. This is joining Bitcoin (BTC), Ethereum ETH and Litecoin LTC on the list.
The Middle East and North Africa (MENA) region accounted for 7.5% of global crypto transaction volume between July 2023 and June 2024, blockchain analysis firm Chainalysis's report noted.
Report highlighted UAE’s rise as a global hub for crypto, driven by regulatory transparency and a progressive stance towards digital asset technology.
Ripple has now received more than 60 regulatory approvals worldwide, including a Major Payments Institutions license issued by the Monetary Authority of Singapore, and the New York Department of Financial Services Trust Charter.
CoinGecko reports that the fourth-largest crypto last traded for $2.25. That’s an increase of just over 3% within 24 hours.
Ripple’s battle with the SEC
Ripple’s expansion into the Middle East has been met with legal challenges from the U.S. Securities and Exchange Commission, which claims that XRP does not qualify as a security.
Ripple disputed this claim, and in 2023, a district court ruled in Ripple's favor for XRP sales to retail investors on exchanges.
Ripple however was fined $125m for sales to institutions. Ripple argued the regulatory uncertainty around digital assets should have prevented penalties.
Experts believe that with the changes to the SEC under Trump’s administration, a better resolution for Ripple could be in the near future.
Stacy Elliott edited this article.
