Ripple, a global cross-border payment service provider, has received approval from the Dubai Financial Services Authority (DFSA) to provide crypto payment services within the Dubai International Financial Centre (DIFC).
According to the press release, Ripple is the first blockchain-enabled payment provider licensed by the DFSA.
Growing Demand
This move indicates that Ripple is committed towards maintaining regulatory compliance and positions the company to address inefficiencies in traditional cross-border payments, such as high transaction fees and long settlement times.
With the huge market that UAE has ($40 billion in cross-border payments market), the company aims to cater to the growing demand from both crypto-native firms and traditional financial institutions in the said region.
CEOs Speak Out
Brad Garlinghouse, CEO of Ripple, highlighted Dubai’s leadership in promoting a supportive environment for tech and crypto innovations. “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption. Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
Garlinghouse also pointed out that Dubai’s headquarters has been established in DIFC in 2020 and has already created a strong regional presence, with 20% of its global customer base operating locally.
Arif Amiri, CEO of DIFC Authority, praised the company’s achievement, emphasizing its role in driving blockchain adoption and innovation in the financial sector. The DFSA license adds to the company’s portfolio of over 60 global regulatory approvals, which also includes licenses from Singapore and Ireland.
Ripple’s XRP Price Surge
This development comes amid rising rumors that the SEC vs. Ripple case may soon be resolved. Journalist Eleanor Terrett revealed yesterday March 12, 2025, that settlement talks are in process and the Ripple team is currently negotiating favorable terms for the $125 million fine imposed in 2023. Legal experts predict that there could be significant development before April 16, 2025.
These updates, along with Franklin Templeton’s recent XRP filing have lead to a price surge for the XRP token. This price surge indicates optimism amongst the investors.
At press time, the price of the token stands at $2.24 with a surge of 1.7% in the last 24 hours as per CoinGecko.
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