As a seasoned crypto investor with a knack for spotting promising opportunities, I find this latest development with Ripple particularly exciting. Having followed the company’s strategic moves over the years, it’s clear that their approach to collaborate with regulators globally and integrate blockchain into existing financial frameworks is a shrewd one.
As a researcher, I am thrilled to announce that our team’s efforts have been recognized by the Dubai Financial Services Authority. They have granted us an in-principle approval to upgrade our cross-border payment solutions in the Middle East region. This is a significant step towards expanding our global reach and enhancing financial inclusivity.
Ripple has gained preliminary agreement from the Dubai Financial Services Authority, allowing it to increase its global footprint and extend its business activities beyond the Dubai International Financial Centre.
We’re thrilled that we’ve received preliminary authorization for a financial services license from the Dubai Financial Services Authority. This approval opens up the opportunity for us to offer comprehensive payment solutions across the United Arab Emirates. 🌐🇦🇪
— Ripple (@Ripple) October 1, 2024
Through their recent achievement, Ripple has declared that they can now initiate Ripple Payments Direct service within the United Arab Emirates. This new service enables effortless cross-border transactions. With the approval from DFSA (Dubai Financial Services Authority), Ripple intends to expand its robust digital asset infrastructure to cater to a wider range of customers in the UAE.
In a progressive manner, the UAE is shaping up to be a world pioneer in fintech by offering an innovative regulatory framework and explicit advice to forward-thinking companies eager to invest and expand in this cutting-edge financial technology sector.
Brad Garlinghouse, Ripple CEO
The approval by the DFSA is a component of Ripple’s larger plan to work with regulators across the globe, aiming to incorporate blockchain technology into existing financial structures. In addition to Dubai, Ripple holds more than 55 licenses worldwide, including those from Singapore’s Monetary Authority and New York’s Department of Financial Services.
Reece Merrick, Ripple’s managing director in the Middle East and Africa, highlighted that about one fifth of Ripple’s worldwide clientele reside in the United Arab Emirates (UAE). He expressed excitement about assisting the UAE in its goal to establish itself as a leading global hub for cryptocurrency and fintech. Nevertheless, despite this recent advancement, the price of XRP has dropped by 3.3%, currently trading at $0.62.
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2024-10-01 12:06