Ripple will receive an in-principle license in Dubai
Ripple, a leading crypto payments infrastructure provider, has received approval in principle from the Dubai Financial Services Authority (DFSA), allowing the company to establish a presence in the United Arab Emirates (UAE).
On October 1, Ripple announced that it had received an in-principle license from the DFA, a prerequisite for full licensing in Dubai. Once fully accepted, Ripple will be able to provide cross-border payment services for fiat and digital assets in the Dubai International Financial Center (DIFC), Dubai's special economic zone.
In its official statement, the company said:
“This milestone significantly strengthens Ripple's global footprint as a regulatory body and enables the introduction of cross-border payment services including Ripple Payments Direct (RPD) in the UAE.
In order to complete the process, companies in the DIFC must meet a number of obligations, including those in the crypto space, such as maintaining office space in the Special Economic Zone. Upon successful registration, DIFC will issue full licenses to applicants.
Source: Ripple
Gaining global presence through licensing approvals
Ripple is working to become the first blockchain-enabled payment service provider licensed by the DFA. The company plans to operate an enterprise-class digital asset infrastructure in the UAE. Ripple CEO Brad Garlinghouse said:
The UAE is positioning itself as a global leader in this new era of financial technology.
Ripple plans to use Dubai as a strategic hub to access the rapidly growing crypto markets in the Middle East, Africa and South Asia.
Related: BayBit wallets get temporary crypto license from Dubai regulator
DIFC Authority Chief Business Development Officer Salaman Jaffery emphasized Dubai's strategic location as an international hub.
Built on two decades of experience, Dubai's strategic location and the DIFC's strong legal and regulatory framework make it an ideal choice for international businesses looking to make a lasting impact.
Dubai urges investor caution on crypto products
Dubai's digital asset regulator recently unveiled stricter requirements for companies trading crypto investments in the UAE.
On September 26, the Dubai Virtual Asset Regulatory Authority (VARA) ordered all companies promoting digital asset investments in the country to add a disclaimer to their listings.
Vara chief executive Matthew White said providing clear and practical guidance could help virtual property service providers “provide their services responsibly”.
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