Good news UAE crypto users. Ripple has announced on its official X page that it has become the first blockchain-backed payment provider in the Middle East that is powered by DFSA (Dubai Financial Services Authority). This approval will prove to be a major step towards mainstream adoption and enable cross-border payments in the UAE.

Ripple Receives Approval by the DFSA in UAE to Provide Services in DIFC

Ripple has a $40B UAE market in sight. After receiving approval from DFSA, Ripple will now be able to provide its services and regulated crypto payment in UAE. This marks a milestone for the company’s strive to be acknowledged as a trusted partner for the financial organizations in the UAE. Ripple has thus solidified its position as the first global payment product available working under all regulatory compliances. Additionally, this move has enabled cross-border payments across the UAE making transactions faster, secure, and cheaper.

Official Comments Regarding Registration as a Payment Provider in UAE

The Chief Executive Officer of Ripple, Mr. Brad Garlinghouse, says that the world is seeing remarkable growth in the crypto industry right now and institutional adoption is increasing day by day. The UAE is in a great position to reap the benefits due to its pioneering role in fostering an environment that is conducive to technological and cryptocurrency innovation.

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Arif Amiri, CEO of the DIFC, expressed his excitement at Ripple’s decision to become the first blockchain-enabled payments provider in the DIFC. He says that this move further demonstrates Ripple’s dedication to Dubai.

Securing regulatory approval from DFSA has made Ripple the first block-chain backed up payment provider in the Middle East. It will prove to be very beneficial as cross-border payments can be made now. Also, the Ripple’s industry in UAE has been acknowledged by major payment institutions worldwide.