Ripple said on Thursday that it had received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the UAE, becoming the first blockchain-enabled payments provider licensed by the agency.
“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 Brad Garlinghouse, chief executive officer of Ripple, in a release.
“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
Ripple said it has seen increasing demand across the Middle East from crypto-native firms and traditional financial institutions, and has around 20% of its global customer base already operating in the Middle East.
Payments utility is also expected to drive greater stablecoin adoption in the UAE, with stablecoins offering real time settlements. That can drive further growth for Ripple’s RLUSD stablecoin — which stands at a $134 million capitalization as of Thursday (meaning an equivalent amount in USD backing).
Ripple’s DFSA license adds to its growing list of over 60 regulatory approvals worldwide, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter, a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across multiple U.S. states.
XRP prices are up nearly 4% in the past 24 hours, beating gains in bitcoin (BTC), as the long-running Ripple vs SEC court case is reportedly reaching its final settlement stages.