Ripple has received approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services in the Dubai International Financial Centre (DIFC). This makes Ripple the first blockchain-enabled payments provider licensed by the DFSA.
The license marks Ripple’s first regulatory approval in the Middle East. It allows businesses in the UAE to access Ripple’s compliance-driven payments product while positioning the company as a partner for financial institutions adopting digital assets.
“We are entering an unprecedented period of growth for the crypto industry”
Brad Garlinghouse, Chief Executive Officer of Ripple, commented, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption. Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
The UAE handles over $400 billion in international trade, creating demand for efficient cross-border payment solutions. Ripple has reported increased interest from crypto firms and traditional financial institutions in the Middle East, citing inefficiencies in legacy payment systems, such as high fees and long settlement times. A 2024 business survey conducted by Ripple found that 64% of finance leaders in the Middle East and Africa (MEA) region consider faster payments the primary advantage of blockchain-based transactions.
His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority, commented, “We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA licence that makes them the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond. As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry.”
Ripple established its Middle East headquarters in DIFC in 2020 and reports that 20% of its global customer base operates in the region. The company expects its latest regulatory approval to support further expansion. A survey of MEA finance leaders found that 82% express confidence in integrating blockchain solutions.
“Faster, cheaper and more transparent cross-border transactions”
Reece Merrick, Ripple’s Managing Director for Middle East and Africa, commented, “Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets. Securing this DFSA licence is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs. We’re grateful for the support of our partners at DIFC, and we’re ready to hit the ground running with a growing local team and strong customer pipeline.”
The UAE’s payments sector is expected to see greater stablecoin adoption, with digital assets offering real-time settlement. Ripple’s RLUSD stablecoin, launched in December, has surpassed $130 million in market capitalization.
Ripple’s regulatory approvals now exceed 60 globally. 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.
