Ripple Obtains In-principle Approval in Dubai
Ripple has received an initial approval for a license from the Dubai Financial Services Authority (DFSA), giving the company the opportunity to establish a presence in the United Arab Emirates (UAE).
On October 1st, Ripple announced that it had received an in-principle license from the DFSA, a necessary step towards obtaining a full license in Dubai.
Once fully approved, Ripple will be able to offer cross-border payment services for both traditional and digital assets in the Dubai International Financial Center (DIFC), a designated special economic zone.
According to the company’s official statement, this is a significant milestone that solidifies Ripple’s global presence as a regulated entity and allows for the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the UAE.
To obtain the full license, businesses in the DIFC, including those in the cryptocurrency industry, must fulfill certain requirements, such as securing office space within the zone. Once these obligations are met, the DIFC will issue a full license to the applicants.
