Logo of Ripple seen in an iPhone screen. Source: Koshiro - stock.adobe.com

Key Takeaways:

Ripple has secured an in-principle financial services license in Dubai, paving the way for cross-border crypto and fiat payment services in the UAE.
The full license will enable Ripple to offer regulated payment services within Dubai’s financial hub, DIFC, enhancing its global expansion strategy.
Dubai’s favorable regulatory environment and strategic location will serve as a base for Ripple’s broader operations across the Middle East, Africa, and South Asia.

Ripple has secured an in-principle financial services license from the Dubai Financial Services Authority (DFSA), marking a significant milestone in its expansion into the UAE.

This development positions Ripple to offer cross-border payment services for both fiat and digital assets within the Dubai International Financial Center (DIFC), pending fulfillment of regulatory requirements.

We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. 🌍🇦🇪https://t.co/4zq8YPlgaG
— Ripple (@Ripple) October 1, 2024

Ripple’s CEO, Brad Garlinghouse, emphasized Dubai’s forward-thinking regulatory environment as key to fostering innovation in financial technology.

Once fully licensed, Ripple aims to leverage its blockchain-based infrastructure to meet growing demand for crypto-enabled payments in the region.

🚨JUST IN: @Ripple Receives In-Principle Approval from the Dubai Financial Services Authority (DFSA)!👀#XRP was already approved by the DFSA in Dubai a few months ago! pic.twitter.com/hW3RH8wXRn
— JackTheRippler ©️ (@RippleXrpie) October 1, 2024

Dubai is expected to serve as a strategic base for Ripple’s operations across the Middle East, Africa, and South Asia.

Meanwhile, Dubai’s Virtual Asset Regulatory Authority (VARA) has tightened regulations on crypto marketing, requiring companies to include disclaimers to ensure responsible practices.