Leading blockchain firm Ripple has secured its first license to operate in the Middle-East and it is all set to provide regulated crypto payments and services in Dubai International Financial Centre (FIDC), special economic zone (SEZ), in Dubai, UAE.
According to a statement released by Ripple, it has received approval from Dubai Financial Services Authority (DFSA) to operate in the DIFC of Dubai and thereby has become the first blockchain-enabled payments provider licensed by the DFSA.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, Chief Executive Officer of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
The approval by UAE based regulatory authority comes as another major victory for Ripple after its native token XRP was included as one of the five cryptocurrencies in the U.S. strategic coin reserve. With Ripple making inroads in the middle east with its first license, it is expected that crypto adoption will only surge in the coming years with more nations turning friendly towards the sector.
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,” said Arif Amiri, Chief Executive Officer of the DIFC
Ripple believes that it can offer a radical web3 payment gateway for countries in the middle east by offering solutions to the “inefficiencies” of traditional cross-border payments – such as high fees, long settlement times, and lack of transparency.
Also Read: Fact Check: Is XRP Really Backed by Gold? Here’s the Truth
