Ripple, a US-based blockchain and cryptocurrency solutions provider, has obtained authorisation from the Dubai Financial Services Authority (DFSA) to operate regulated digital payment services within the Dubai International Financial Centre (DIFC).
This regulatory approval makes Ripple the first company utilising blockchain technology for payments to be licensed under the DFSA framework.
The licence marks Ripple’s initial regulatory approval in the Middle East, allowing the company to introduce its blockchain-based payment system to businesses operating in the UAE. The approval strengthens Ripple’s position among financial institutions exploring digital assets for transactional purposes while aligning with regulatory requirements in global markets.
According to Ripple, the UAE serves as a key financial hub, with international trade exceeding $400bn. Financial institutions and crypto-native firms in the region have increasingly sought blockchain-powered solutions to address inefficiencies in cross-border transactions, which are often associated with high costs, slow processing, and limited transparency.
Findings from a 2024 survey conducted by Ripple indicate that 64% of financial leaders in the Middle East and Africa (MEA) region view the speed and efficiency of blockchain-based transactions as the primary benefit for cross-border payments.
Ripple CEO Brad Garlinghouse said: “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.”
Ripple established its regional headquarters in DIFC in 2020 and has since expanded its business operations across the Middle East. Approximately one-fifth of the company’s global client base is located in this region.
With this regulatory approval, Ripple plans to scale its services in a market that has demonstrated a high level of institutional engagement with blockchain technology.
The company said that the increasing application of blockchain technology in payments is expected to drive stablecoin adoption in the UAE. Real-time transaction settlements provide an alternative to traditional banking mechanisms, which typically require multiple days for processing.
Ripple’s RLUSD stablecoin, launched on international exchanges in December 2024, is said to have reached a market capitalisation of more than $130m.
The DFSA licence adds to Ripple’s existing regulatory approvals in multiple jurisdictions. The company has secured a Major Payments Institution licence 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 with the Central Bank of Ireland, and multiple Money Transmitter Licences (MTLs) across the US.
