“Ripple” gets a license for the Dubai Financial Services Authority

“Ripple”, the leading company in the field of providing blockchain solutions and digital currencies for institutions, has announced that it has obtained a license for the Dubai Financial Services Authority to provide its services in the field of enhancement of encrypted currencies in the United Arab Emirates.

By practicing its work from the Dubai International Financial Center, “Ripple” becomes the first provider in the field of payment services based on blockchain technology to obtain a license from the Dubai Financial Services Authority.

This is the first license for Ripple in the Middle East, which confirms its long -term commitment to strengthening its services in the region and its constant compliance with global regulatory standards.

Through this license, companies in the United Arab Emirates can take advantage of the innovative “Ripple” solutions for global payments, which are smooth and completely compliance with regulatory laws, and emphasize the position of “Ripple” as a reliable partner for financial institutions that seek to take advantage of the advanced capabilities of digital assets in practical uses.

An exceptional growth stage for the encrypted currency sector

On this occasion, Brad Jarlinghyus, CEO of Ripple, said: “We are currently witnessing the beginning of an exceptional growth phase of the encrypted currency sector, supported by the increasing clarity of the organizational frameworks globally, as well as the acceleration of institutions’ adoption of these currencies.”

He added: “Thanks to its pioneering role in providing a supportive environment for innovation in the fields of technology and encrypted currencies, the UAE has a unique position that enables it to achieve the utmost benefit from this growing trend.”

The United Arab Emirates, one of the leading global centers in the field of international trade and external financing, is benefiting from a market of $ 400 billion in international trade 1.

Ripple also witnesses an increasing demand in the Middle East region by both companies working in the field of encrypted currencies and traditional financial institutions alike; These companies seek to find effective solutions to the challenges facing traditional international payments across the border, including high fees, prolonged settlement periods, and a lack of transparency.

According to the 2024 business poll, conducted by the company “Ripple”, 64% of financial leaders in the Middle East and Africa 2 see the acceleration of payments and reduction periods of settlement are the largest value of the Blockchant -based currency in their transactions and financial payments across the border.

For his part, Aref Amiri, CEO of the Dubai International Financial Center Authority, said: “We are pleased to see ‘Ribel’ enhances its presence in Dubai by obtaining a license from the Dubai Financial Services Authority, thus becoming the first payment provider of payment services on the Blockchain technology at the Dubai World Financial Center. New opportunities to grow in the region and abroad. “

His Excellency stressed the commitment of the Dubai International Financial Center, as one of the leading financial centers in the Middle East, Africa and South Asia, to support future vision companies such as “Ripple”, especially as it contributes to shaping the future of the financial sector and enhancing the use of blockchain technology in payments.

Since the establishment of its headquarters in the Middle East at the Dubai International Financial Center in 2020, Ripple has continued to enhance its presence in the region.

With about 20% of its global customer base in the Middle East region, obtaining this recent organizational license will allow the company to enhance its growth and innovations in a market bearing promising capabilities. The Middle East and Africa are among the regions that have the highest levels of institutional readiness to adopt the encrypted currency system; Where more than 82% of the financial leaders in the region indicated that they are “very confident or very confident” when it comes to integrating the solutions of blockchain technology into the business of their companies 3.

Effective organizational frameworks

In turn, Reese Merik, Managing Director of “Ripple” in the Middle East and Africa, pointed out that Dubai and the United Arab Emirates have strengthened their pioneering status in developing effective and clear regulatory frameworks in the field of digital assets. Stressing that the company’s obtaining the Dubai Financial Services Authority license is a major achievement that will contribute to enhancing its ability to meet the increasing demand for boundary payment transactions faster, less expensive and more transparent in one of the largest border payments centers in the world.

He added, “We strongly appreciate the support we received from our partners in the authority of the Dubai International Financial Center and the Dubai Financial Services, and we look enthusiastically to start strongly, supported by a growing local team and a solid customer base.”

It is expected that the use of stable currencies in payments will contribute to enhancing their adoption in the United Arab Emirates, because of its faster settlement settlement, compared to traditional banking systems that may take several days to complete.

It is worth noting that the stable “RLUSD”, which was launched at the end of December on global trading platforms, has achieved a market value that exceeded $ 100 million.

It is expected that obtaining the Dubai Financial Services Authority license will strengthen the “Ripple” balance of organizational approvals, which exceeded 60 global organizational licenses including, a license for the main payments from the Monetary Authority in Singapore, a Trust Charter license from the New York Financial Services Department, and a registration license as a provider of virtual asset services from the Irish Central Bank, in addition to licenses to transfer money in a number of states American.

While Ripple continues to work closely with many regulatory authorities and policy makers around the world, this last achievement enhances its mission of providing the advantages of the blockchain technology that is compatible with the organizational standards of a wide range of financial services companies and their customers in the world.