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),

“Securing this DFSA licence is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa.

Ripple secures a DFSA license to offer regulated crypto payments in Dubai, enhancing its role in global financial solutions.

Ripple will be the first blockchain-enabled payments provider licensed by the DFSA. Arif Amiri, Chief Executive Officer of DIFC Authority, commented, "We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA licence that makes them the first blockchain-enabled payments provider in DIFC.

Payments utility is also expected to drive greater stablecoin adoption in the UAE for their real time settlement value proposition.

This makes Ripple the first blockchain payments provider licensed in the Dubai International Finance Centre (DIFC), unlocking fully regulated cross-border cryptocurrency transactions in the United Arab Emirates (UAE) positioning Ripple to capitalize on a $40 billion cross-border payments market in the UAE, according to World Bank data.

On March 13, the U.S.-based digital payments company Ripple announced that it has received a license from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services in the Dubai International Finance Centre (DIFC).

Ripple has become the first blockchain payments firm to secure a licence from the Dubai Financial Services Authority (DFSA). This is the firm’s first licence in the Middle East, and enables the firm to provide regulated cryptocurrency payments and services within the Dubai International Finance Centre (DIFC).