13-3-2025 – Blockchain technology pioneer Ripple has achieved a significant milestone by becoming the first distributed ledger payments provider to secure regulatory approval from the Dubai Financial Services Authority (DFSA).
The prestigious licence empowers Ripple to facilitate regulated cryptocurrency transactions within the Dubai International Financial Centre (DIFC), positioning the firm at the heart of the UAE’s thriving $40 billion cross-border payments ecosystem.
Chief Executive Brad Garlinghouse heralded the achievement as emblematic of the wider cryptocurrency industry’s maturation, citing increasing regulatory clarity and institutional adoption as key drivers. The UAE’s forward-thinking approach to digital assets has created fertile ground for innovative financial technologies, according to Garlinghouse.
Recent research conducted across the Middle East and Africa revealed compelling statistics, with nearly two-thirds of financial leaders identifying swift payment processing as the primary advantage of blockchain-based solutions. This data, gathered in September 2024, underscores the region’s appetite for technological advancement in financial services.
DIFC Chief Executive Arif Amiri welcomed Ripple’s enhanced presence, suggesting the move would catalyse regional growth and innovation. The licence adds to Ripple’s impressive regulatory portfolio, which includes authorisations from Singapore’s Monetary Authority, New York’s Department of Financial Services, and Ireland’s Central Bank.
Meanwhile, industry observers are closely monitoring developments in Ripple’s ongoing legal dispute with the US Securities and Exchange Commission. Despite recent favourable rulings for other cryptocurrency firms under the new administration, Ripple faces potential financial penalties following Judge Analisa Torres’ August determination. The firm has expressed reservations about the proposed settlement terms, contributing to prolonged negotiations.