Ripple is among the largest crypto firms in the world
It can now work with over 6,900 firms in the DIFC
Ripple believes crypto’s payment utility should be used by enterprises
Ripple aims to serve UAE's demand for faster, affordable and transparent cross-border payments
Photo Credit: Pixabay/ WorldSpectrum
Ripple has obtained a licence from the Dubai Financial Services Authority (DFSA), becoming the first blockchain payments provider authorized to operate in the Dubai International Financial Centre (DIFC). On March 13, the US-based company announced that businesses in the UAE can now leverage its services for crypto payment solutions. In the coming months, UAE-based financial institutions will also gain access to Ripple's offerings to explore real-world applications of digital assets.
Founded in 2012, Ripple provides enterprise-level blockchain and crypto solutions, with a primary focus on crypto liquidity and cross-border payment processing. The company oversees the decentralised XRP Ledger blockchain, which powers its native cryptocurrency, XRP. With a market capitalisation exceeding $130 billion (roughly Rs. 11,30,614 crore), XRP ranks as the fourth-largest cryptocurrency on the CoinMarketCap Index.
Commenting on the development, Ripple CEO Brad Garlinghouse stated, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.” He further added that the UAE's pro-regulatory stance on crypto positions it advantageously to capitalise on the sector, which currently boasts a market capitalisation of $2.7 trillion (roughly Rs. 2,34,95,259 crore).
Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC. https://t.co/6oHWtnjODr
This milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…
Ripple asserts that the Middle East and Africa (MEA) region ranks among the world's most prepared for institutional crypto adoption. According to the company, over 82 percent of finance leaders in the region have expressed confidence in integrating blockchain solutions into their businesses.
With DFSA approval, Ripple aims to meet the growing demand in the UAE for faster, more cost-effective, and transparent cross-border transactions.
The company also believes that demonstrating crypto's utility in payments will pave the way for wider stablecoin adoption in the UAE. Stablecoins—crypto tokens pegged to reserve assets like fiat currencies—enable cheaper and faster real-time settlements compared to traditional banking systems. In December, Ripple introduced its own US dollar-pegged stablecoin, RLUSD, on global exchanges.
Arif Amiri, the CEO of the Dubai International Finance Centre (DIFC) has welcomed Ripple to foray deeper into UAE's crypto sector. As explained by UAE's Ministry of Economy, the DIFC is a financial hub for businesses from the Middle East, South Asia and Africa, and South Asia regions that is governed by private laws and an independent judicial system. As of February, the DIFC houses over 6,900 companies – all of which can now tap into Ripple's services to access crypto payments.
“The DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” Amiri said.
Affiliate links may be automatically generated - see our ethics statement for details.
Ripple CEO Announces End of Four-Year SEC Battle as XRP Surges: Key Details20 March 2025
Search
