Ripple Becomes First Blockchain-enabled Payments Provider To Secure DFSA Licence

On Thursday, the leader in enterprise blockchain and crypto solutions received approval to provide regulated crypto payments and services in the Dubai International Financial Centre (DIFC). This is Ripple’s first licence in the Middle East.

Ripple secures DFSA licence

The approval makes Ripple’s compliance-first global payments product available for businesses in the UAE and reinforces its role as a trusted partner for financial institutions looking to leverage digital assets’ superior capabilities to drive real-world utility.

“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit as we are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Garlinghouse.

The UAE is a global hub for outbound finance, with a $400 billion+ market for international trade. Ripple has seen increasing demand across the Middle East from crypto-native firms and traditional financial institutions alike, all seeking solutions to the inefficiencies of traditional cross-border payments—such as high fees, long settlement times, and lack of transparency.

According to a 2024 business survey carried out by Ripple, 64 per cent of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest value proposition for incorporating blockchain-based currencies into their cross-border payments business.

The MEA region has one of the highest levels of institutional readiness when it comes to crypto adoption. Ripple established its Middle East headquarters in DIFC in 2020 and continued to deepen its presence in the region. More than 20 per cent of its global customer base is already operating in the region. The latest regulatory approval positions it to further accelerate growth and innovation in a high-potential market.

Reece Merrick, Ripple’s Managing Director for Middle East and Africa, added: “Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets.

“Securing this DFSA licence is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs. We’re grateful for the support of our partners at DIFC, and we’re ready to hit the ground running with a growing local team and strong customer pipeline.”

Ripple’s DFSA licence adds to its growing list of over 60 regulatory approvals worldwide, including a Major Payments Institution licence from the Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter and a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland.

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “We are thrilled that Ripple is deepening its commitment to Dubai by securing a DFSA licence that makes them the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond.

“As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry.”