JAKARTA - Ripple (XRP), one of the big players in the blockchain technology industry, has received initial approval from the Dubai Financial Services Authority (DFSA) to offer blockchain-based payment services at Dubai International Finance Center (DIFC).
This move confirms Dubai as one of the centers of rapid global financial innovation. For Ripple, this agreement allows them to expand the reach of cross-border payment services, including the Ripple Payments Direct (RPD), to customers in the United Arab Emirates (UAE). This is a significant development in an effort to strengthen Ripple's presence in the Middle East region.
This regulator's decision strengthens Ripple's position in providing faster and more efficient global payment solutions to blockchain technology. Brad Garlinghouse, CEO of Ripple, stressed that blockchain and crypto technology is not just a temporary trend, but will survive in the future.
He also highlighted the UAE's progressive regulatory approach that provides clear guidance for innovative companies like Ripple to invest and develop. "The UAE is now a global leader in a new era of financial technology," Garlinghouse said.
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Not only Ripple, but various other fintech companies are also competing to get a license to operate in Dubai. Crypto.com, one of the leading crypto exchanges, received temporary approval from Dubai's Virtual Asset Settings Authority (VARA) in 2022, and Binance, another major crypto exchange, obtained a license to conduct certain operations in Dubai in the same year.
Furthermore, Salmaan Jaffery, Chief Business Development Officer at the DIFC, said that Dubai's strategic location as well as a strong legal framework and regulation made it an ideal center for international businesses. Ripple itself has had a regional office in Dubai since 2020, and currently about 20% of Ripple's global customer base comes from the UAE, showing great interest in corporate services in the region.
In addition to crypto companies, traditional financial institutions are also increasingly entering the crypto world in Dubai. Standard Chartered's SC Ventures, for example, obtained preliminary approval from DFSA in August 2023 to set up a crypto brokerage and exchange platform.
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