The Dubai Financial Services Authority (DFSA) has given Ripple “in principle” approval for a financial services license. Ripple is a major provider of digital payment solutions. The Dubai International Financial Center (DIFC) is a special economic zone in the United Arab Emirates (UAE). This important step makes it possible for Ripple to offer cross-border banking services there.
This first permission, which was made public on October 1, is a step toward Ripple getting a full working license in Dubai. Once Ripple has all of its licenses, it will launch its Ripple Payments Direct (RPD) system, which will make it easy to send both cash and digital assets across countries.
Brad Garlinghouse, CEO of Ripple, talked about how the UAE is a leader in financial technology and how the country’s legal approach helps new businesses that want to grow. He said that the approval is a big step toward Ripple’s world growth as a controlled company.
Dubai is where the company wants to base its operations so it can reach the fast growing crypto markets in the Middle East, Africa, and South Asia. Ripple wants to offer faster and more efficient payment options in the UAE by building a bigger presence there.
Along with Ripple’s success on licensing, Dubai’s rules and regulations are also changing. The Virtual Asset Regulatory Authority (VARA) made it so that businesses that sell digital assets had to include warnings in their marketing materials starting September 26. The CEO of VARA stressed how important it is for virtual asset owners to provide responsible services.
Ripple’s move into Dubai is part of a larger trend of businesses trying to take advantage of the growing demand for crypto services in the area. Dubai continues to draw foreign companies that want to make a lasting mark in the financial technology space thanks to its strong legal system and strategic location.
