Ripple Obtains DFSA License in Dubai, Becoming First Regulated Crypto Payments Provider
Ripple has obtained approval from the Dubai Financial Services Authority (DFSA) to provide cryptocurrency payment services in the United Arab Emirates. This license makes Ripple the first blockchain-based payment provider to be regulated by the Dubai financial authority. This major milestone strengthens its presence in a region where demand for crypto services is rapidly growing.
Brad Garlinghouse, CEO of Ripple, emphasized the importance of this regulation in a context of increasing institutional adoption:
Nous entrons dans une période de croissance sans précédent pour l’industrie crypto, stimulée par une meilleure clarté réglementaire et une adoption accrue par les institutions. Grâce à son leadership précoce en matière d’innovation technologique et crypto, les Émirats arabes unis sont idéalement positionnés pour en tirer parti.
A Strong Presence in the Middle East
The demand for blockchain-based payment solutions is growing in the Middle East, where approximately 20% of Ripple’s global customer base is already active. The company attracts both native crypto actors and traditional financial institutions, seeking to modernize their payment infrastructure.
With this new license, Ripple strengthens its position in a key market, where regulators show a willingness to adopt clear legal frameworks to promote innovation. This dynamic contrasts with that of other jurisdictions where the regulation of digital assets remains subject to many uncertainties.
The Rise of Stablecoins and Ripple’s Role
The growing adoption of digital payments could also accelerate the integration of stablecoins in the United Arab Emirates. With their ability to offer real-time settlements, these digital assets are a strategic lever for local players. Ripple could thus see increased adoption of its RLUSD stablecoin, which already has a market capitalization of $134 million.
Global Regulatory Expansion
With this license, Ripple adds another authorization to its collection of over 60 regulatory approvals obtained worldwide. The company holds a Major Payments Institution license issued by the Monetary Authority of Singapore (MAS), a trust charter granted by the New York Department of Financial Services (NYDFS), and a certification as a virtual asset service provider from the Central Bank of Ireland. In the United States, it also holds multiple money transmission licenses in different states.
Direct Impact on XRP?
The announcement of this license in Dubai seems to have had a limited impact, with a 1% increase in the price of XRP in a few hours. Furthermore, the long-running legal dispute between Ripple and the SEC appears to be nearing a final settlement, which could bolster investor confidence in the company’s ecosystem.
