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Ripple Labs Inc. has announced that it has secured in-principle approval from the Dubai Financial Services Authority (DFSA). This license will allow the firm to extend its innovative blockchain-based payment services to the United Arab Emirates (UAE).
This strategic move will see Ripple operate from the Dubai International Financial Centre (DIFC), marking a major milestone in its journey to becoming a key player in the region’s financial landscape.
Ripple to Revolutionize Payments in UAE
Ripple is poised to transform the payment landscape in the United Arab Emirates by launching its payment solutions. Following its recent approval, the firm is ready to introduce Ripple Payments Direct (RPD) in the DIFC.
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This strategic move aligns with Ripple’s vision of embedding blockchain technology in key financial hubs. The firm recently stated that it aims to offer quick, secure, and compliant payment systems to a region emphasizing digital innovation more.
Ripple noted that it is preparing to roll out advanced solutions to reshape payment processes in the UAE. This could pave the way for a new era of digital finance in the country.
This latest development adds to the firm’s impressive portfolio of over 55 global licenses in countries such as Japan, Singapore, the United States, and the UK.
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Ripple Strengthens UAE Ties with NYU and DIFC Partnerships
Ripple has strengthened its presence in the UAE by extending its partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). This collaboration involves a funding grant of over $1 million to support various research projects. Also, it includes student initiatives focused on blockchain technology.
Additionally, Ripple has joined forces with the DIFC Innovation Hub as part of its global 1B XRP Fund program. This partnership aims to drive innovation in blockchain and digital assets in the UAE by connecting upcoming developers with DIFC’s extensive network,
This comprises over 1,000 tech firms, digital labs, and venture capital entities.
UAE and Regulatory Clarity
Remarkably, UAE’s progressive regulatory environment offers a perfect setting for Ripple’s ambitious objectives. It enables the firm to function smoothly within an advanced financial ecosystem.
Brad Garlinghouse, Ripple’s CEO, commended the UAE for its innovative regulatory approach. He said the region is positioning itself as a model for fostering fintech advancement in a rapidly evolving global market. This has attracted key industry players like Ripple to the country, including Tether, Binance, and Gemini.
Meanwhile, Ripple is battling legal challenges in the US, most notably its lawsuit with the U.S. Securities and Exchange Commission (SEC). The firm allegedly paid a $125 million fine in September to settle its 2020 lawsuit.
Amidst the challenges, Ripple continues to advance its internal projects, focusing on expanding its blockchain initiatives globally.
