Ripple (CRYPTO: XRP) on Thursday announced it has secured authorization from the Dubai Financial Services Authority (DFSA) to deliver regulated cryptocurrency payment services within the Dubai International Finance Centre (DIFC), becoming the first entity of its kind to achieve this status in the region.
What Happened: The decision comes as Ripple navigates a potential resolution to its long-standing legal battle with the U.S. Securities and Exchange Commission.
The approval allows Ripple to offer its compliance-focused payment platform to businesses in the UAE, a country handling over $400 billion in international trade annually.
A 2024 survey by Ripple revealed that 64% of financial leaders in the Middle East and Africa view faster payment processing and settlement as the primary advantage of blockchain-based currencies for cross-border transactions.
Ripple, which set up its regional headquarters in DIFC in 2020, already serves about 20% of its global clients from the Middle East, where 82% of financial executives express strong confidence in adopting blockchain technologies.
“We are entering an …
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