Home » Regulation » Ripple taps into $40B UAE payments market with DFSA approval
The license sets the stage for expanding blockchain-enabled payments in the Middle East.
Key Takeaways
- Ripple has received approval from the DFSA to provide regulated crypto payments in the DIFC.
- Ripple’s entry into the $40 billion UAE payments market marks its first licensed operation in the Middle East.
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Ripple has obtained permission from the Dubai Financial Services Authority (DFSA) to start offering its crypto payments and services in the Dubai International Finance Centre (DIFC), according to a March 13 press release.
The license, Ripple’s first in the Middle East, allows the company to offer its compliance-first global payments product to businesses in the UAE, where the cross-border payments market is valued at $40 billion according to World Bank data.
Ripple also becomes the first blockchain-enabled payments provider licensed by the DFSA, reinforcing its commitment to regulatory compliance and financial innovation.
“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 Ripple CEO Brad Garlinghouse. He praised the UAE’s supportive ecosystem for tech and crypto innovation.
According to DIFC CEO Arif Amiri, the DFSA license enables Ripple to expand its reach in the Middle East, Africa, and South Asia (MEASA) region, potentially even further.
“This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond,” Amiri stated. “DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry.”
The approval indeed suggests major growth potential for Ripple. The company has already established a strong presence in the Middle East, reporting around 20% of its global customer base from the region.
More importantly, there is a transparent market need that Ripple’s technology is designed to address. A 2024 business survey by Ripple found that 64% of MEA finance leaders view faster payments and settlement times as the primary value proposition for incorporating blockchain-based currencies into cross-border payments.
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s Managing Director for Middle East and Africa. “Securing this DFSA license 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.”
The DFSA has recently approved USDC and EURC, Circle’s stablecoins, as recognized tokens for use within Dubai International Financial Centre’s operations.
This marks the first stablecoin approval under the agency’s crypto regime, enabling integration into digital asset applications like payments and treasury management.
The approval contributes to the broader regulatory framework taking shape across the UAE, supporting digital asset growth and innovation.
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