Ripple announced that it has obtained a license from the Dubai Financial Services Authority (DFSA) to provide cryptocurrency payment services in the United Arab Emirates. With this license, Ripple will offer blockchain-based payment solutions from the Dubai International Financial Centre (DIFC), becoming the first licensed provider of these services in the region.
Arif Amiri, CEO of the Dubai International Financial Centre Authority, expressed his happiness at Ripple's strengthened presence in Dubai, noting that this achievement reflects the Centre's commitment to enhancing innovation and provides new growth opportunities for Ripple in the region and beyond.
Reyes Merrick, Managing Director of Ripple in the Middle East and Africa, pointed out that this license will enable the company to meet the growing demand for cross-border payment transactions more quickly and efficiently, while fully complying with regulatory standards.
The use of stablecoins in payments is expected to enhance their adoption in the UAE, as they provide faster settlement compared to traditional banking systems. This license adds to the list of global regulatory licenses that Ripple has obtained, boosting its position as a key player in the digital payment solutions space.