Source: Cointelegraph Original: "{title}"
Blockchain payment service provider Ripple has received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border cryptocurrency payment services in the United Arab Emirates (UAE).
The company announced on March 13 that it has successfully obtained a license issued by the Dubai Financial Services Authority, allowing it to operate in the Dubai International Financial Centre (DIFC). The Dubai International Financial Centre is an economic free zone in the UAE with its own independent tax policies and regulatory framework.
This announcement comes nearly six months after the company announced that it had received in principle the approval for a license from the Dubai Financial Services Authority. On October 1, 2024, Ripple revealed that it was working to obtain a license from the Dubai Financial Services Authority, aiming to launch its digital asset infrastructure in the UAE.
Providing blockchain-based global payment services for UAE businesses
With this license, Ripple is now able to offer its globally blockchain-based payment solutions to businesses across the UAE. The company stated that this enables it to meet the needs of financial institutions seeking partners to help them utilize digital assets in practical applications.
In a press release sent to Cointelegraph, Ripple CEO Brad Garlinghouse stated that due to the UAE's early leadership in technology and cryptocurrency innovation, as well as its supportive environment, the country is "well-positioned" to benefit from these innovations: "We are entering an unprecedented growth period in the cryptocurrency industry, thanks to clearer regulations globally and increasing institutional adoption of cryptocurrencies."
Ripple also reported that it has seen a growing demand for cross-border payments in the Middle East. The company noted that this demand is coming not only from native cryptocurrency companies but also from traditional financial institutions.
Ripple becomes the first cryptocurrency payment service provider in the Dubai International Financial Centre
According to Arif Amiri, CEO of the Dubai International Financial Centre, Ripple has become the first blockchain-based payment service provider to operate within the Dubai International Financial Centre free zone after receiving approval from the Dubai Financial Services Authority.
He said, "We are pleased that Ripple has deepened its commitment to Dubai by obtaining a license from the Dubai Financial Services Authority, making them the first blockchain-based payment service provider within the Dubai International Financial Centre."
He also added that this license allows Ripple to leverage development opportunities in the UAE and the broader Middle East and North Africa (MENA) region.
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