Middle East operations boosted as Ripple ‘s end-to-end payment services enabled in the UAE through DFSA clearance.
The Dubai Financial Services Authority (DFSA) has given its in-principle clearance for Ripple. The top supplier of digital asset infrastructure, to extend its services out of the Dubai International Financial Centre (DIFC). With the achievement of this milestone, Ripple’s global presence as a regulated business is considerably strengthened. And the United Arab Emirates (UAE) can now enjoy seamless cross-border payment services, such as Ripple Payments Direct (RPD).
Ripple has expanded its customer base
With DFSA Authorization, Ripple is prepared to expand its customer base in the United Arab Emirates. Moreover, they offered its enterprise-grade digital asset infrastructure. This growth is in line with Ripple’s objective to give companies cross-border payment solutions that are quicker, cheaper. Actually, it fuses strong regulatory compliance with continuous investments in vital infrastructure elements like liquidity, best-in-class custody, and on/off-ramps between money and digital assets.
“Crypto and blockchain technologies are here to stay,” stated Ripple CEO Brad Garlinghouse. “The UAE is positioning itself as a global leader in this new era of financial technology with its innovative legislative approach. And clear guidance for innovative businesses seeking to invest and scale.”
However, unbiased regulator of financial services operated in or out of the DIFC, the DFSA, will grant a license to Ripple, making it the first blockchain-enabled payment method provider.
In the UAE, Financial Services Innovation Advancement
After establishing its regional headquarters in Dubai in 2020, Ripple plans to increase its footprint in the Middle East. Additionally, the DFSA’s in-principle licence approval is a key component of that goal.
The UAE’s strategic position as a worldwide hub for financial services and trade. Along with its clear regulatory framework, have played a major role in Ripple’s choice to stay in the area and engage in rapidly expanding markets in South Asia, Africa, and the Middle East. The DFSA and other regulators in the nation have constructed a comprehensive regulatory framework. The framework has fostered an atmosphere conducive to the growth of innovative cryptocurrency enterprises.