Ripple Secures Dubai License to Provide Crypto Payment Services in the UAE

The use of digital payments is anticipated to boost stablecoin adoption in the UAE, highlighting their advantage in real-time transaction settlements.

Key Points:

• Ripple has obtained authorization from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payment services in the UAE, becoming the first blockchain-powered payments provider to receive this license.
• The company has experienced rising demand in the Middle East, with nearly 20% of its global client base located in the region.
• This DFSA approval adds to Ripple’s growing list of over 60 regulatory clearances worldwide, including licenses from the Monetary Authority of Singapore, the New York Department of Financial Services, the Central Bank of Ireland, and several U.S. states.

Ripple announced on Thursday that it has secured approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payment services in the UAE, making it the first blockchain-powered payments provider to receive this license.

“We are witnessing an unparalleled phase of growth for the crypto industry, fueled by greater regulatory transparency globally and rising institutional adoption,” said Ripple CEO Brad Garlinghouse in a statement.

"With its proactive approach to fostering technology and crypto innovation, the UAE is in a prime position to capitalize on these advancements," Ripple stated.

The company noted growing demand in the Middle East from both crypto-native businesses and traditional financial institutions, with approximately 20% of its global customer base already operating in the region.

The increasing utility of crypto payments is expected to accelerate stablecoin adoption in the UAE, as stablecoins provide real-time settlement capabilities. This trend could further boost Ripple’s RLUSD stablecoin, which currently has a market capitalization of $134 million, backed by an equivalent amount in USD.

Ripple’s regulatory approvals continue to expand, with its DFSA license adding to a portfolio of over 60 approvals worldwide. These include a Major Payments Institution license from the Monetary Authority of Singapore (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across multiple U.S. states.

XRP has surged nearly 4% in the past 24 hours, outperforming bitcoin (BTC), as reports indicate that the long-standing legal dispute between Ripple and the SEC is approaching its final resolution.