Earlier today, the company announced that it had secured approval from the Dubai Financial Services Authority , the regulatory agency that oversees the financial services that are conducted within the the Dubai International Financial Centre .
After receiving the green light from the DFSA, Ripple can now expand its payment services in the UAE. It has become the first blockchain-powered payment provider that has managed to achieve such a milestone. In his social media post, Garlinghouse has stressed the importance of regulatory clarity, stating that this is exactly what businesses want."The UAE understands that," the Ripple boss added. , this is due to the adoption of Ripple's products and crypto-friendly regulation.
Back in November 2020, Ripple opened a regional headquarters in Dubai amid rumors that the San Francisco-based company was planning to leave the U.S. Garlinghouse has repeatedly praised the UAE as an example one of the most crypto-friendly jurisdictions. Ripple's Reece Merrick described the latest license as a"pivotal moment" for the company's operations in the Middle East. Merrick added that Ripple would assist the UAE in implementing its vision of becoming the leading pro-crypto country. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
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