- Ripple has secured a DFSA license, marking its first regulatory approval in the Middle East
- XRP may be seeing bullish momentum as SEC nears resolution of its lawsuit against Ripple
Ripple has taken a major step in its global expansion plans by securing regulatory approval in the UAE and obtaining a Dubai Financial Services Authority (DFSA) license to offer cross-border crypto payment services in Dubai.
This marks its first official approval in the Middle East, granting it access to a $400 billion financial hub known for its international trade dominance.
The timing of this move is particularly significant as the SEC inches closer to concluding its long-running lawsuit against Ripple. In fact, the blockchain firm has been at the center of regulatory debates since 2020.
Execs weigh in…
Remarking on the achievement, Brad Garlinghouse, Chief Executive Officer of Ripple, noted,
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and 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.”
Appreciating the partnership, Arif Amiri, Chief Executive Officer of Dubai International Finance Centre (DIFC) Authority, commented,
“We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC.”
Ripple x Dubai
Ripple’s regulatory approval is in line with Dubai’s broader vision of fostering a structured and transparent crypto ecosystem.
For context, the DFSA’s Crypto Token Regulatory Framework, introduced in 2021, set the foundation for digital asset businesses operating within the Dubai International Financial Centre (DIFC)
With this newly granted license, Ripple can now officially offer its payment solutions in the DIFC—An economic-free zone recognized for its progressive financial regulations.
While Ripple established its Middle East headquarters in Dubai back in 2020, it had been awaiting regulatory clearance to launch its services in the region for a long time.
What lies ahead for XRP?
As the SEC moves towards resolving legal disputes with major crypto firms like MetaMask, Uniswap, Kraken, and Coinbase, optimism is building that Ripple’s long-standing battle may also reach a conclusion, thanks to this new move.
In fact, this sentiment, coupled with the broader regulatory clarity, acted as a catalyst to fuel bullish momentum for XRP.
At the time of writing, the token was trading at $2.32, following a 4.64% hike in the last 24 hours.
