Ripple has received approval from the DFSA to offer regulated cryptocurrency payment services in the Dubai International Financial Centre (DIFC).
The firm has become the first blockchain provider to be licensed by the authority.
According to a press release, the cross-border payments market in the UAE is valued at $40 billion. The high demand for rapid transaction processing and the potential for stablecoin adoption present opportunities for further growth.
Ripple reported that around 20% of its clients are based in the Middle East. Since opening an office in the DIFC in 2020, the company has strengthened its position in the region.
Ripple CEO Brad Garlinghouse noted that the UAE has created a conducive environment for the development of blockchain technologies, which will foster the growth of the crypto industry.
One of Ripple’s recent products is the stablecoin RLUSD, pegged to the US dollar. The company expects demand for “stablecoins” to also increase in the region.
The DFSA license marks an additional step in Ripple’s global expansion. In total, the company has already obtained over 60 approvals worldwide.
Back in February, Ripple introduced an “institutional” DeFi infrastructure based on the XRP Ledger network.