#AiXBTSecurityBreach

Ripple has obtained an official license from the Dubai Financial Services Authority to provide regulated cryptocurrency payment services within the UAE, in a move that enhances the company's expansion in the region and confirms Dubai's position as a leading global hub in the digital assets sector.

This is the first license of its kind for Ripple in the Middle East, making it the first provider of blockchain-based payment services to receive approval from the Dubai Financial Services Authority, according to a statement issued by the company on Thursday.

The UAE is considered one of the most supportive and adopting countries for cryptocurrencies, ranking third globally after Singapore and Switzerland in the adoption of digital assets, according to a report by British consulting firm Henley & Partners for 2023. This advanced ranking is attributed to the developed regulatory framework, strong infrastructure, and the provision of the latest technologies that contribute to attracting major companies like Ripple to the UAE market.