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Ripple’s chief legal counsel Stuart Alderoty has reacted to Ripple’s recent win, this time in crypto regulation.
In a significant milestone, Ripple has received in-principle approval of a financial services license from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
This milestone significantly expands Ripple’s global footprint as a regulated firm and allows for the launch of cross-border payment services, such as Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).
Commenting on the milestone, Alderoty highlighted Ripple’s growing global license portfolio, which is now over 55, reflecting its continued engagement with global regulators.
“Good news as Ripple continues to add to our global license portfolio (55+ and counting!). A testament to our continued engagement with global regulators, and the growing opportunity in jurisdictions that choose to support innovation,” Alderoty wrote.
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This milestone remains groundbreaking as Ripple will be the first blockchain-enabled payment services provider to be licensed by the DFSA, the independent regulator of financial services conducted in or from the DIFC.
The DFSA’s in-principle license approval reinforces Ripple’s aim to extend its presence in the Middle East, which follows the establishment of its regional headquarters in Dubai in 2020.
Ripple scores new partnerships in Middle East
Ripple recently announced a partnership with the DIFC Innovation Hub as part of the company’s global one billion XRP Fund program. The partnership strengthens blockchain and digital asset innovation in the UAE by connecting emerging developers to DIFC’s extensive innovation network, which includes over 1,000 tech firms, digital labs and venture capital entities.
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Ripple has also renewed its strategic collaboration with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI), with a total funding grant of more than $1 million to support NYU Abu Dhabi’s research projects and student initiatives.
