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Title: Ripple Gains First-Ever Blockchain License from DFSA, Pioneering Crypto Payments in UAE
Ripple announced Thursday its landmark approval by the Dubai Financial Services Authority to provide regulated crypto payments in the UAE. This approval marks Ripple as the first blockchain-enabled payments provider to be licensed by the agency. CEO Brad Garlinghouse highlighted this as a period of significant growth for the crypto industry fueled by increased regulatory clarity and institutional adoption.
The UAE’s proactive stance on tech and crypto innovation makes it an ideal environment for such advancements. Ripple reports a surge in demand from both crypto-native firms and traditional financial institutions in the Middle East with about 20% of its global customers based there. This region’s engagement is poised to amplify Ripple’s impact further.
The utility of payments is set to boost stablecoin adoption in the UAE. Real-time settlements offered by stablecoins are expected to enhance the growth of Ripple’s RLUSD stablecoin which currently boasts a $134 million capitalization. Ripple’s new DFSA license complements its over 60 global regulatory approvals establishing it as a leader in the regulated blockchain space.
