Ripple Secures Dubai License, Expanding Crypto Payment Services in UAE
Ripple has received regulatory approval from the Dubai Financial Services Authority (DFSA) to offer crypto payment services in the UAE, making it the first blockchain-powered payments firm to be licensed by the agency.
“This is a pivotal moment for the crypto industry as regulatory clarity improves globally and institutional adoption accelerates,” said Ripple CEO Brad Garlinghouse. “The UAE’s proactive approach to fostering fintech and crypto innovation puts it in a prime position to reap the benefits of this growth.”
Ripple has reported increasing demand across the Middle East, both from crypto-native businesses and traditional financial institutions. Currently, the region accounts for about 20% of Ripple’s global customer base.
Boosting Stablecoin Adoption in the UAE
The expansion of crypto payments in the UAE is also expected to drive broader adoption of stablecoins, given their real-time settlement capabilities. This trend could further support the growth of Ripple’s RLUSD stablecoin, which currently holds a market capitalization of $134 million, backed by an equivalent amount in USD.
Global Regulatory Milestones
Ripple’s DFSA license strengthens its regulatory presence, adding to its portfolio of more than 60 approvals worldwide. 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 multiple Money Transmitter Licenses (MTLs) across the U.S.
XRP Gains as Ripple vs. SEC Case Nears Resolution
XRP has surged nearly 4% in the past 24 hours, outperforming bitcoin (BTC), as reports suggest that Ripple’s long-standing legal battle with the U.S. Securities and Exchange Commission (SEC) may be approaching a final settlement.
