Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments in the Dubai International Finance Centre (DIFC), marking its first license in the Middle East. The approval positions Ripple as the first blockchain-enabled payments provider licensed by the DFSA.

According to the press release shafted with The Byteline, the regulatory green light allows Ripple to offer its blockchain-based payments solution to businesses in the UAE, expanding its footprint in a region known for its active cross-border finance market. Dubai has increasingly positioned itself as a hub for fintech and digital assets, with regulatory frameworks aimed at attracting global blockchain firms.

Brad Garlinghouse, CEO of Ripple, acknowledged the significance of regulatory clarity in driving institutional adoption of crypto-based solutions. He noted that the UAE’s early efforts in establishing a supportive environment for fintech and crypto innovation put it in a strong position to benefit from industry growth.

The UAE’s financial sector is a key player in global trade, with over $400 billion in outbound finance. Blockchain-based payment solutions have been gaining traction in the region, with both crypto-native firms and traditional financial institutions looking to improve the efficiency of cross-border transactions. 

According to a 2024 survey conducted by Ripple, 64% of financial leaders in the Middle East and Africa cited faster payments and settlement times as the primary advantage of integrating blockchain technology.

His Excellency Arif Amiri, CEO of the DIFC Authority, welcomed Ripple’s licensing as a step toward further innovation in the financial sector. He highlighted that the approval enables Ripple to expand its operations and explore new growth opportunities within the region. 

The DIFC has positioned itself as a hub for financial technology and blockchain adoption, supporting companies that aim to modernize payment infrastructures.

Ripple has been expanding its presence in the Middle East since establishing its regional headquarters in DIFC in 2020. The company states that nearly 20% of its global customer base operates in the region, and regulatory approval is expected to facilitate further growth. 

A recent industry report suggests the Middle East and Africa region is among the most receptive to crypto adoption, with over 82% of financial leaders expressing confidence in integrating blockchain-based solutions into their businesses.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, noted that Dubai’s regulatory framework provides a clear path for digital asset firms. He stated that securing the DFSA license allows Ripple to address growing demand for efficient cross-border payments in a jurisdiction that has become a major global payments hub.

The regulatory approval comes as stablecoin adoption is also increasing in the UAE, driven by demand for real-time settlement capabilities. 

Ripple’s recently launched RLUSD stablecoin has surpassed $130 million in market capitalization, reflecting interest in blockchain-based financial solutions that offer alternatives to traditional banking systems.

Ripple’s DFSA license adds to its list of more than 60 regulatory approvals worldwide, including authorizations in Singapore, Ireland, and multiple US states.