Ripple (XRP) has become the first blockchain-based payments provider to receive the green light from the Dubai Financial Services Authority (DFSA) to offer cryptocurrency payments in the United Arab Emirates (UAE). The approval will allow the company to expand its services in the Dubai International Financial Centre (DIFC), a free zone with its own regulations and tax incentives.
The DFSA approval is a big step for Ripple. The company announced on March 13 that it had received a full license, nearly six months after receiving preliminary approval. On October 1, 2024, Ripple announced that it was working on a DFSA license to strengthen its infrastructure in the UAE. Now, that ambition has become a reality.
The license will allow Ripple to offer cross-border payments using blockchain technology, a development that could transform the financial sector in the region. Demand for efficient cross-border transactions is growing among both crypto companies and traditional financial institutions.
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