Ripple Receives Approval for Cryptocurrency Payments in UAE

Ripple (XRP) has become the first blockchain-based payments provider to receive approval from the Dubai Financial Services Authority (DFSA) to offer cryptocurrency payments in the United Arab Emirates (UAE). This approval enables Ripple to expand its services in the Dubai International Financial Centre (DIFC), a free zone that offers its own regulations and tax incentives.

The DFSA approval marks a significant milestone for Ripple. The company announced on March 13 that it had obtained a full license, nearly six months after receiving preliminary approval. On October 1, 2024, Ripple revealed it was pursuing a DFSA license to enhance its infrastructure in the UAE, and that ambition has now been realized.

The license permits Ripple to facilitate cross-border payments using blockchain technology, a move that could revolutionize the financial sector in the region. There is an increasing demand for efficient cross-border transactions among both crypto companies and traditional financial institutions.

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