Ripple reported on October 1 that the blockchain company has achieved another regulatory milestone in the United Arab Emirates.
Specifically, the Dubai Financial Services Authority (DFSA) has granted Ripple preliminary approval, allowing the company to expand its services and strengthen its presence in the UAE and the Middle East in general.
The approval means Ripple can now provide its services elsewhere in the country, expanding its presence from the Dubai International Financial Centre (DIFC).
“This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a world-renowned independent regulator with a rigorous regulatory process and we are delighted to have received its preliminary approval,” said Reece Merrick, Ripple’s managing director for the Middle East and Africa, in a statement.
According to Merrick, more than 20% of Ripple’s global user base is in the UAE, and the expansion will enable it to bring products and services to an increasing number of individuals and businesses. Among the key innovations will be Ripple’s cross-border payment solutions offering, including the Ripple Payments Direct, or RPD, service.
Ripple’s regulatory compliance
This achievement puts Ripple, the company behind the XRP cryptocurrency , on track to be the first blockchain-based payments provider to be licensed by the DFSA. The UAE is Ripple’s regional headquarters in the MENA region and South Asia, which the company founded in Dubai in 2020.
But in addition to regulatory compliance in the UAE, along with this new license in principle, Ripple has further traction in this pursuit.
The company has obtained more than 55 licenses in various jurisdictions around the world, including the New York Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS) and the Central Bank of Ireland (CBI).
