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Ripple Secures DFSA License in the UAE
In a significant development, Ripple has secured a license from the Dubai Financial Services Authority (DFSA) to operate its business in the United Arab Emirates. This move is expected to have a profound impact on the financial sector in MEA, as it opens up new opportunities for faster payments and more transparent cross-border transactions.
According to a report by [insert source], over 82% of finance bosses in MEA believe that blockchain-based currencies, such as Ripple’s stablecoin RLUSD, will be instrumental in driving faster and cheaper cross-border transactions. The DFSA license will enable Ripple to better serve the growing demand for these types of transactions.
Reece Merrick, Ripple’s managing director for Middle East and Africa, emphasized Dubai’s progressive regulatory environment, saying, “Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets.” He further added that securing this license is a major milestone for the company to better serve the growing demand for faster, cheaper, and more transparent cross-border transactions.
The Ripple stablecoin RLUSD has the potential to supercharge crypto adoption in the UAE by providing real-time settlement capabilities for cross-border payments and remittances. With this license, Ripple is poised to make a significant impact on the financial sector in MEA.
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Source: https://coinjournal.net/news/ripple-secures-dfsa-license-in-the-uae/
