Ripple Receives DFSA Approval for Crypto Payments in UAE
Ripple received approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services in the UAE, becoming the first licensed blockchain-enabled payments provider by the agency.
- Ripple's CEO highlighted growth in the crypto industry due to regulatory clarity and institutional adoption.
- The UAE is positioned well for tech and crypto innovation.
- Ripple reports 20% of its global customer base operates in the Middle East.
- Increased demand for stablecoins is anticipated, particularly Ripple's RLUSD, which has a $134 million market capitalization.
- Ripple holds over 60 regulatory approvals worldwide, including licenses from Singapore, New York, Ireland, and various U.S. states.
- XRP prices rose nearly 4% in 24 hours, outperforming Bitcoin as the Ripple vs SEC case nears settlement.