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Ripple has received in-principle clearance from the Dubai Financial Services Authority, marking a significant step toward launching Ripple Payments Direct in the UAE. The approval strengthens Ripple's global presence, adding to its growing list of over 55 regulatory licenses.
The XRP team recently announced on the X platform that they have received DFSA in-principle clearance.
Ripple Expands into UAE with Key Approval
The launch of the company's advanced payment solutions, such Ripple Payments Direct (RPD), in the United Arab Emirates is now possible thanks to this important milestone. The growth is a component of a larger plan to increase the company's influence around the world by deploying compliant blockchain technology in key financial centers.
Strategic Significance of DFSA Clearance
The approval's strategic importance was emphasized by Salmaan Jaffery, the DIFC Authority's Chief Business Development Officer. According to Jaffery, who expressed his approval of the changes,
“At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”
Ripple's Global Reach Grows to 55+ Licenses
Furthermore, the XRP firm further establishes its position as a frontrunner in the blockchain payment industry with the new DFSA clearance, adding to its global portfolio of over 55 licenses. The Monetary Authority of Singapore (MAS), the Central Bank of Ireland (CBI), and the New York Department of Financial Services (NYDFS) are among the notable entities that have authorized Coingape shares.
CEO Brad Garlinghouse on UAE’s Forward-Thinking Regulations
Ripple CEO Brad Garlinghouse stressed the significance of adjusting to the regulatory frameworks of various countries. He lauded DFSA and emphasized that blockchain technology is here to remain, saying,
“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.”
