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Ripple Wins UAE License for Regulated Crypto Payments
In a significant development, Ripple has secured a license from the Dubai Financial Services Authority (DFSA) to operate in the United Arab Emirates (UAE), enabling it to expand its presence in one of the world’s largest cross-border payment hubs.
The license allows Ripple to provide regulated crypto payments and other financial services, cementing its commitment to the Middle East and Africa region. As a Major Payments Institution, Ripple will now be able to offer its innovative solutions to businesses and individuals within the UAE.
“We’re grateful for the support of our partners at the DIFC [Dubai International Financial Centre], and we’re ready to hit the ground running with a growing local team and strong customer pipeline,” emphasized Asheesh Birla, Ripple’s Managing Director for Middle East and Africa.
Ripple’s ambition is to revolutionize traditional cross-border payment systems, which often take days or even weeks to process international transactions. The company is poised to tap into the UAE’s growing demand for faster, cheaper, and more transparent payments.
The UAE is already an important hub for Ripple, having previously secured a Strategic Partnership Agreement with the Dubai International Financial Centre (DIFC) in 2022. This partnership aims to create a cross-border payments corridor between the region and other global markets.
Beyond its core mission of enabling faster payments, Ripple has also been making waves in the stablecoin space, particularly with the launch of RLUSD. The token, launched in December, has already surpassed $100 million in market capitalization. Stablecoins have enormous potential to transform traditional payment systems, and Ripple’s involvement could bring significant innovation to the UAE’s financial landscape.
With more than 60 regulatory approvals worldwide, including a Major Payments Institution license from Singapore’s Monetary Authority of Singapore (MAS), a Trust Charter from New York’s Department of Financial Services (NYDFS), VASP registration in Ireland, and MTLs in multiple US states, Ripple has solidified its position as a major player in the crypto industry.
As Ripple continues to expand its presence globally, its UAE license is expected to have significant implications for the cryptocurrency market. With this development, Ripple has officially become one of the first major players in the crypto space to receive regulatory approval from the UAE authorities.
The article originally appeared on Bitcoinist.com
Source: https://bitcoinist.com/ripple-wins-uae-license-regulated-crypto-payments/
