Ripple Receives Dubai License to Provide Cryptocurrency Payments in UAE
The payment utility is also expected to drive wider adoption of stablecoins in the UAE due to their real-time settlement value proposition.
Shaurya Malwa | Edited by Parikshit Mishra on 13 Mar 2025 07:33 UTC
What is important to know:
- Ripple has received approval from the Dubai Financial Services Authority to provide regulated cryptocurrency payments and services in the UAE, becoming the first blockchain-based payments provider to receive a license from the agency.
- Ripple sees growing interest in the Middle East, with approximately 20% of its global customer base operating in the region.
- Ripple's DFSA license joins more than 60 regulatory approvals worldwide, including licenses from the Monetary Authority of Singapore, the New York Department of Financial Services, the Central Bank of Ireland, and several US states.
Ripple announced on Thursday that it has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated cryptocurrency payments and services in the UAE, becoming the first blockchain-based payments provider to receive a license from the agency.
“We are entering an unprecedented period of growth in the crypto industry, driven by improved regulatory transparency around the world and increased institutional adoption,” Brad Garlinghouse, CEO of Ripple, said in a press release.
“With its early leadership in creating a favourable environment for tech and cryptocurrency innovation, the UAE is uniquely positioned to reap the benefits.”
Ripple has reported growing interest from cryptocurrency companies and traditional financial institutions in the Middle East, with about 20% of its global customer base already operating in the region.
The payment utility is also expected to facilitate the wider use of stablecoins in the UAE, as stablecoins provide real-time settlements. This could further boost Ripple’s RLUSD stablecoin, which has a market cap of $134 million (equivalent to US dollars) as of Thursday.
Ripple’s DFSA license adds to its growing list of over 60 regulatory approvals worldwide, including a major payments institution license from the Monetary Authority of Singapore (MAS), a trust charter from the New York Department of Financial Services (NYDFS), a virtual asset service provider (VASP) registration from the Central Bank of Ireland, and money transmitter (MTL) licenses in several US states.
XRP prices have risen nearly 4% in the past 24 hours, outpacing Bitcoin (BTC) gains, as Ripple's protracted legal battle with the SEC is reportedly nearing the final stages of settlement.
