Ripple has received in-principle approval from the Dubai Financial Services Authority (DFSA) to enhance its cross-border payment solutions in the Middle East.

Ripple’s Expansion in the Middle East

Ripple is expanding its international presence by securing in-principle approval from the DFSA to broaden its operations from the Dubai International Financial Centre. This approval marks a significant milestone for Ripple, enabling the launch of its Ripple Payments Direct service in the United Arab Emirates (UAE), facilitating seamless cross-border payments.

According to an October 1 announcement, DFSA authorization will allow Ripple to extend its enterprise-grade digital asset infrastructure to a broader customer base in the UAE.

“With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.” – Brad Garlinghouse, Ripple CEO

Strategic Collaboration with Global Regulators

The approval from the DFSA is part of Ripple’s broader strategy to collaborate with regulators globally, integrating blockchain into existing financial frameworks. Ripple holds over 55 licenses worldwide, including from Singapore’s Monetary Authority and New York’s Department of Financial Services.

Ripple’s Growing Presence in the UAE

Reece Merrick, Managing Director for Ripple in the Middle East and Africa, noted that over 20% of Ripple’s global customer base is located in the UAE. Merrick expressed enthusiasm for supporting the UAE’s ambition to become a global crypto and fintech hub.

Despite the latest development, XRP price has dipped 3.3%, trading at $0.62 as of press time.

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