Ripple, a provider of digital asset infrastructure, has been granted permission to extend its operations in Dubai.
Ripple has been given “in-principle approval” by the Dubai Financial Services Authority (DFSA) to provide its services from the Dubai International Financial Centre.
This will enable Ripple to offer effective payment solutions and seamless cross-border payment services in the United Arab Emirates. The approval also fortifies Ripple’s global presence as a regulated entity.
Cross-Border Payment Solutions That Are Efficient
Ripple, a digital asset infrastructure provider, announced on October 1 that it had received “in-principle approval” from the Dubai International Financial Centre (DIFC) to expand its services. Ripple’s global presence as a regulated entity is fortified by the Dubai Financial Services Authority (DFSA)’s approval.
Additionally, it facilitates the implementation of seamless cross-border payment services in the United Arab Emirates (UAE). Ripple will be able to provide its “enterprise-grade” digital asset infrastructure to a broader spectrum of customers as a result of the DFSA’s approval, as stated in a press release. Ripple will streamline its objective of offering effective cross-border payment solutions by expanding its digital asset infrastructure.
“Blockchain and crypto technologies are here to stay.” The UAE is establishing itself as a global leader in this new era of financial technology through its forward-thinking regulatory approach and clear guidance for innovative businesses that are seeking to invest and scale.
The DIFC’s chief business development officer, Salmaan Jaffery, expressed his organization’s satisfaction with Ripple’s intention to broaden its operations and its commitment to adhering to the financial center’s stringent legal and regulatory framework.
By obtaining DFSA approval, Ripple augments its global license portfolio of over 55 licenses. According to Reece Merrick, Ripple’s managing director for the Middle East and Africa, the UAE is home to over 20% of the company’s global customer base.
Consequently, the expansion into the region is a response to the “increasing demand for cross-border payment solutions that are more cost-effective and efficient.”
