Ripple secures DFSA license for crypto payments in DIFC

Ripple has received regulatory approval from the Dubai Financial Services Authority (DFSA) to provide crypto payment services in the Dubai International Financial Centre (DIFC), making it the first blockchain-based payments provider licensed by the DFSA, according to a statement seen by Nukta.

The approval allows Ripple to offer regulated digital asset services in the UAE, strengthening its presence in the Middle East, where it has operated since establishing its regional headquarters in DIFC in 2020, the statement reported.

Dubai’s expanding role in digital asset regulation

Dubai has positioned itself as a leading financial hub for digital assets, attracting firms seeking clear regulatory frameworks. The UAE, with an international trade market exceeding $400 billion, has become a major center for cross-border payments.

Ripple has reported increasing demand for blockchain-based payment solutions from both traditional financial institutions and crypto-native firms in the region.

A 2024 survey conducted by the company found that 64% of finance leaders in the Middle East and Africa consider faster settlement times as the most significant advantage of incorporating blockchain in cross-border payments.

Ripple’s regulatory approvals and market expansion

The DFSA license is part of Ripple’s broader regulatory expansion. The company has secured approvals from financial regulators worldwide, including a Major Payments Institution License from the Monetary Authority of Singapore, a Trust Charter from the New York Department of Financial Services, a Virtual Asset Service Provider registration from the Central Bank of Ireland, and Money Transmitter Licenses across multiple U.S. states.

The new license in DIFC aligns with the UAE’s growing focus on digital asset adoption, including the increasing use of stablecoins and blockchain-based transactions as alternatives to traditional banking systems.

Arif Amiri, CEO of DIFC Authority, stated that Ripple’s DFSA approval reinforces Dubai’s financial sector by enabling greater adoption of blockchain technology in payments. Ripple’s Middle East and Africa Managing Director, Reece Merrick, emphasized that Dubai’s well-defined regulatory framework positions the region as a key hub for digital asset innovation.

Ripple’s regulatory approval in DIFC is expected to accelerate the expansion of blockchain-based financial services in a region with high levels of institutional crypto adoption, according to Ripple.

A growing number of financial leaders in the Middle East and Africa view blockchain as an essential tool for modernizing cross-border transactions, with 82% of surveyed finance executives expressing strong confidence in its integration into their businesses.