Ripple Secures DFSA License to Offer XRP Payments in UAE
Ripple Labs has obtained a license from the Dubai Financial Services Authority (DFSA), enabling it to provide regulated XRP payments and services in the UAE. This makes Ripple the first blockchain-based payments provider licensed by the DFSA.
This license allows Ripple to expand its presence in the Middle East crypto market and positions it as a key partner for financial institutions aiming to utilize digital assets. CEO Brad Garlinghouse noted that the UAE's supportive regulatory environment is beneficial for crypto innovation.
Ripple to Facilitate XRP and RLUSD Payments in UAE
- The DFSA license opens opportunities in the $40 billion cross-border payments market in the UAE.
- Discussions are ongoing with both crypto firms and traditional banks to enhance cross-border payment efficiency.
- A 2024 survey indicated that 64% of finance leaders in the Middle East and Africa see faster payment times as a primary benefit of blockchain adoption.
- Ripple’s RLUSD stablecoin, launched in December, has surpassed a $100 million market cap.
Ripple Lawsuit Update
- Recent news suggests the Ripple lawsuit may conclude soon, with ongoing negotiations for more favorable settlement terms.
- Current discussions focus on an August ruling that imposed a $125 million fine and restricted XRP sales to institutional investors.
- XRP has increased 10% from a support level of $2 and is currently trading at $2.24.
- A potential settlement could push XRP beyond $3 and facilitate approval for a spot XRP ETF.