Ripple announced on Thursday that it has received approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services in the UAE, becoming the first blockchain-enabled payments provider to be licensed by the agency.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity worldwide and increasing institutional adoption,” stated Brad Garlinghouse, Ripple’s CEO, in a release.
“The UAE, with its early leadership in fostering a supportive environment for tech and crypto innovation, is exceptionally well-positioned to benefit.”
Ripple also noted growing demand in the Middle East from both crypto-native firms and traditional financial institutions, with approximately 20% of its global customer base already operating in the region.
