Authorities in the UAE have granted the necessary approvals to blockchain firm Ripple protocol to extend its services across the country.
Digital asset infrastructure firm Ripple Protocol has published a press release announcing its foray in the UAE. According to the blockchain firm, the Dubai Financial Services Authority (DFSA) has granted the approval. With this development, Ripple will extend its digital asset infrastructure and payment services to all new customers in the UAE.
The press release stressed the fact that this could ease cross-border payments for its users. It underlined its vision, which was to include seamless cross-border solutions leveraging blockchain technology. The firm has continued investing in critical components such as custody, liquidity, and ramps between digital assets and fiat currencies.
The CEO of Ripple, Brad Garlinghouse, said, “With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”
Moreover, the press release also claimed that Ripple was the first payment company to receive the license from the DFSA. At the same time, the regulator’s approval notes the UAE’s forward approach regarding crypto. Ripple mentioned how the pro-crypto image of the region influenced it to expand into the region. Besides, it stated that the regulatory clarity and the strategic position of the UAE were instrumental in the operations of crypto firms there.
Over the years, Ripple has been expanding its presence steadily across the globe. From New York to Singapore, it has diversified its operations in major financial services centers. Before the latest approval, it had already been in partnership with the Dubai International Financial Centre (DIFC). Both were working towards furthering crypto adoption and usage through partners from various domains.
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