Ripple has been approved by the Dubai Financial Services Agency to provide regulated cryptocurrency payments and services in the UAE. This marks Ripple as the first blockchain-enabled payment provider licensed by the agency and strengthens the ripple status around the world.
Ripple is approved by DFSA
Thursday, rippleis a leading digital asset infrastructure, approved by the Dubai Financial Services Authority (DFSA). This allows Ripple to expand its services from the Dubai International Financial Centre (DIFC) and the Middle East (UAE) region as well. As a result, this milestone strengthens the global reach of Ripple as a regulated entity. It can also launch seamless cross-border payment services in the United Arab Emirates (UAE), including Ripple Payments Direct (RPD). Additionally, Ripple is the first blockchain-enabled payment provider licensed by the agency.
Through DFSA authorization, Ripple can now provide its enterprise-grade digital asset infrastructure to more customers in the UAE. This expansion is consistent with Ripple’s goal of providing faster, cost-effective and efficient cross-border payment solutions. Additionally, it combines strong regulatory compliance with ongoing investments in critical infrastructure such as liquidity, top custody, and off-road/outside upgrades between Fiat and digital assets.
“Blockchain and crypto technology will remain here,” said Ripple CEO Brad Garlinghouse. “The UAE’s forward-looking regulatory approach and clear guidance for innovative businesses make it a global leader in this new era of financial technology.”
Source: Bloomberg
Ripple reports that demand from crypto-local companies and traditional financial institutions is growing in the Middle East, with its global customer base already operating in the region. Additionally, with Stablecoins enabling real-time settlement, the UAE’s increasing emphasis on payment utilities will accelerate the adoption of Stablecoin. This trend could further boost the growth of Ripple Rlusd rlusd Stablecoin, with a market capitalization of $134 million as of Thursday, received the same amount of dollar reserves.
Ripple expands its business internationally
As approved by the Dubai Authority department, Ripple has expanded its strategic partnership with regulators in nearly 60 countries around the world, such as the United States, Singapore or Ireland. The latest original license promotes ripples in a way that integrates blockchain and encryption technologies with traditional financial services. Additionally, it enhances Ripple’s goal to prioritize policies that further adopt blockchain and financial services.
According to DFSA approval news, XRP price XRP Bitcoin (BTC) has risen nearly 4% over the past 24 hours in the last 24 hours, surpassing Bitcoin (BTC).
About Ripples
Ripple is a leading provider of digital asset infrastructure, focusing on providing fast, efficient and cost-effective cross-border payment solutions. Using blockchain technology, ripple allows financial institutions, businesses and governments to seize economic opportunities globally with products such as their Ripplenet platform and on-demand liquidity (ODL). Under CEO Brad Garlinghouse, Ripple shaped the future of global finance with innovative solutions such as Rlusd Stablecoin.
