Ripple becomes the first blockchain payments company licensed by the DFSA in the UAE

Ripple has become the first blockchain-based payments company to receive a license from the Dubai Financial Services Authority (DFSA), marking a significant milestone for crypto regulation. This is not just a victory for Ripple but also a strong signal that regulations are beginning to support the institutional adoption of cryptocurrencies.

With this license, Ripple can now provide crypto payment solutions to businesses in the United Arab Emirates, further establishing Dubai as a global hub for blockchain innovation. On a broader scale, this approval could accelerate the integration of cryptocurrencies into traditional financial systems.

Ripple CEO Brad Garlinghouse sees this development as part of an unprecedented growth phase for the crypto industry, driven by increasing regulatory clarity.

Ripple’s native cryptocurrency, XRP, is one of the top five digital assets by market capitalization and plays a key role in facilitating fast and low-cost cross-border transactions within Ripple’s payment network.