Quick take:
The company already has approval to offer various crypto services in Singapore, Ireland, and multiple U.S. states.
Overall Ripple has received regulatory approval from over 60 regulatory authorities with the Middle East accounting for 20% of its global customer base.
The company plans to use its real-time settlement infrastructure to drive stablecoin adoption in the UAE.
Ripple has received a license from the Dubai Financial Services Authority (DFSA) to provide crypto payments and services in the United Arab Emirates. The approval makes Ripple the first blockchain-enabled payments provider licensed by the Authority.
Commenting on the announcement, Brad Garlinghouse, chief executive officer of Ripple, highlighted regulatory clarity as a significant catalyst for the next growth phase of the crypto industry, amid increasing institutional adoption.
“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit,” he said.
The new approval adds to a growing list of jurisdictions where Ripple is licensed to offer various crypto services, including a Major Payments Institution license from the Monetary Authority of Singapore, a New York Department of Financial Services Trust Charter, as well as, a Virtual Asset Service Provider registration from the Central Bank of Ireland, and Money Transmitter Licenses across multiple U.S. states.
According to Ripple, the Middle East accounts for about 20% of its customer base. The company highlighted the region’s increasing demand for crypto services from crypto-native firms and traditional financial institutions as a catalyst for the growth, and believes that if these companies tap into its real-time settlement infrastructure, it could drive stablecoin adoption in the UAE.
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