CandleFocus Ripple receives in-principle approval from UAE Financial Center
2024-10-01
Author: Content Editor
Ripple, a digital assets infrastructure, has received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC). Once fully licensed, Ripple will be the first blockchain-enabled payment services provider to be licensed by the DFSA. This approval will allow Ripple to introduce cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates. The company aims to offer cost-effective and efficient cross-border payment solutions by combining regulatory compliance with investments in infrastructure components. Ripple's CEO, Brad Garlinghouse, praised the UAE's forward-thinking regulatory approach to blockchain and cryptocurrency technologies. The approval is part of Ripple's strategy to collaborate with regulators globally and promote compliant blockchain adoption. The DFSA chief business development officer welcomed Ripple's expansion in the region, highlighting the commitment to fostering a future-focused financial ecosystem. With over 55 licenses worldwide, Ripple continues to prioritize regulatory compliance.
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