The company said this allows it to cater to financial institutions looking for partners to help them use digital assets in real-world applications. In a news release sent to Cointelegraph, Ripple CEO Brad Garlinghouse said the UAE is “well-placed” to benefit from tech and crypto innovation, thanks to its early leadership and supportive environment:“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”Ripple also reported that it had seen increased demand across the Middle East for cross-border payments.
Related: UAE to introduce legal framework for DAOsRipple becomes the first crypto payment provider in the DIFCWith DFSA approval, Ripple has become the first blockchain-enabled payments provider to operate within DIFC’s free zone, according to DIFC CEO Arif Amiri.”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC,” he said.
The announcement came almost six months after the company announced its receipt of an in-principle approval of the DFSA license.On Oct.1, 2024, Ripple revealed that it was working to become licensed by the DFSA as it aimed to roll out its digital asset infrastructure in the UAE. Enabling blockchain-based global payments for UAE businessesWith this license, Ripple can now provide its global blockchain-based payment solutions to businesses across the UAE.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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