The Payment Supplier of the Ripple Blockchain received the complete regulatory approval of the Dubai Financial Services Authority (DFSA) to provide cross -border cryptographic payment services to the United Arab Emirates (Water).
The company announced on March 13 that it had obtained its DFSA license, allowing it to operate at the Dubai International Financial Center (DIFC), a French-economic area of water with its own tax policies and regulatory framework.
The announcement occurred almost six months after the company announced its reception of an approval in principle from the DFSA license. On October 1, 2024, Ripple revealed that he was working to become licensed by the DFSA when he was aimed at deploying his infrastructure of digital assets to water.
Activate world payments based on blockchain for water businesses
With this license, Ripple can now provide its global blockchain global payment solutions to water businesses. The company said it allowed him to respond to financial institutions looking for partners to help them use digital assets in real applications.
In a press release sent to Cointtelegraph, the CEO of Ripple, Brad Garlinghouse, said that the United Arab Emirates “well placed” to benefit from technological and cryptographic innovation, thanks to its early leadership and its support environment:
“We are entering an unprecedented period of growth for the cryptographic industry, driven by greater regulatory clarity in the world and increasing institutional adoption.”
Ripple also said that he had increased demand through the Middle East for cross-border payments. The Company said that demand was not limited to crypto-native companies but also came from traditional financial institutions.
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Ripple becomes the first crypto payment provider in the DIFC
With the approval of the DFSA, Ripple has become the leading supplier of payments compatible with the blockchain to be operated in the free area of DIFC, according to the CEO of DIFC, Arif Amiri.
“We are delighted that Ripple deepens their commitment to Dubai by obtaining a DFSA license which makes it the leading supplier of compatible blockchain payments in DIFC,” he said.
The license allows Ripple to draw from water opportunities and from the wider Mena region, he added.
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