Ripple Gets DFSA Licence to Offer Regulated Crypto Payments from DIFC

Photo: Dubai Government Media Office

Ripple, a global leader in blockchain and cryptocurrency solutions, has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments in the Dubai International Financial Centre (DIFC). This makes Ripple the first blockchain-based payments company to be licensed by the DFSA.

This approval is Ripple’s first licence in the Middle East and shows its dedication to following regulations while expanding in the region. With this licence, Ripple’s payment services will now be available to businesses in the UAE, helping financial institutions use digital assets to improve payment systems.

Brad Garlinghouse, CEO of Ripple, said, “The crypto industry is growing faster than ever, thanks to clear regulations and more companies adopting digital assets. The UAE has taken early steps to support tech and crypto innovation, making it a great place for growth.”

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The UAE is one of the world’s top financial hubs, with over $400 billion involved in international trade. Many companies in the Middle East, including banks and crypto firms, are looking for better ways to send money across borders. Traditional payment methods can be expensive, slow, and unclear, which is why more businesses are turning to blockchain technology. A 2024 survey by Ripple found that 64% of financial leaders in the Middle East and Africa believe blockchain-based payments are valuable because they offer faster transactions and settlements.

His Excellency Arif Amiri, CEO of DIFC Authority, expressed his excitement, saying, “We are happy that Ripple has secured a DFSA licence and is strengthening its presence in Dubai. This step proves our commitment to innovation and gives Ripple new opportunities to grow in the region. As a leading financial center, DIFC supports companies like Ripple in shaping the future of finance and promoting blockchain-based payments.”

Ripple set up its Middle East headquarters in DIFC in 2020 and has been expanding ever since. About 20% of Ripple’s global customers are already based in the Middle East. With this new licence, Ripple is expected to grow even more in the region. The Middle East and Africa are among the most ready markets for crypto adoption, with 82% of financial leaders confident about using blockchain technology in their businesses.

Reece Merrick, Managing Director of Ripple for the Middle East and Africa, said, “Dubai and the UAE have built a strong regulatory framework for digital assets. Getting this DFSA licence is a huge achievement, allowing us to meet the growing demand for faster, cheaper, and more transparent cross-border transactions. We appreciate the support from DIFC and are excited to expand our team and services.”

The demand for digital payments is also boosting stablecoin adoption in the UAE. Unlike traditional banking, which can take days to process transactions, stablecoins offer instant settlements. Ripple recently launched its RLUSD stablecoin in December, which has already reached a market cap of over $130 million.

This DFSA licence adds to Ripple’s growing list of more than 60 regulatory approvals worldwide. Ripple also holds a Major Payments Institution licence from Singapore’s Monetary Authority (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and several Money Transmitter Licences (MTLs) in the U.S.

Ripple continues to work with regulators and policymakers worldwide, ensuring blockchain technology is used in a safe and legal way. This latest milestone strengthens its mission to bring secure and efficient digital payment solutions to businesses and customers globally.