Ripple Labs secured license from the Dubai Financial Services Authority (DFSA), becoming the first blockchain-based payments provider authorized to offer regulated XRP payment in the UAE.
In a milestone achievement, Ripple Labs secured a license from the Dubai Financial Services Authority (DFSA) which will allow the firm to offer regulated XRP XRP $2.14 24h volatility: 1.3% Market cap: $125.01 B Vol. 24h: $3.03 B payments and services in the UAE. This makes Ripple the first blockchain-based payments services provider to secure a DFSA license.
This will allow the blockchain firm to further expand its footprint in the Middle East crypto market. It will also position Ripple as a trusted partner for financial institutions willing to tap the digital asset capabilities and drive real-world utility. Speaking on the development, Brad Garlinghouse, Chief Executive Officer of Ripple, said:
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption. Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
Ripple to Help with XRP and RLUSD Stablecoin Payments in UAE
By securing the DFSA license, Ripple eyes a huge opportunity in the $40 billion cross-border payments market of the UAE. Crypto native firms as well as traditional financial institutions within the region have been in discussion with Ripple to streamline cross-border payments by eliminating the inefficiencies of the traditional systems.
A 2024 Ripple survey revealed that 64% of finance leaders in the Middle East and Africa (MEA) view faster payments and settlement times as the primary benefit of adopting blockchain-based currencies for cross-border payments. The good thing about Ripple’s DFSA license is that it strengthens its portfolio of over 60 regulatory approvals globally.
The UAE market is likely to see a boost in stablecoin payments considering their real-time settlement capabilities in comparison to the days-long processing time in the traditional methods. Ripple’s RLUSD stablecoin, launched in late December on global exchanges, has already exceeded a $100 million market cap.
Ripple Lawsuit to End Soon? What’s Next for XRP Price?
The recent announcement of Ripple securing UAE’s DFSA license comes amid discussions that the Ripple lawsuit settlement can happen anytime soon. Fox Business journalist Eleanor Terrett shared a major update on the same, suggesting that the delay in finalizing an agreement is tied to ongoing negotiations by Ripple’s legal team to secure more favorable terms.
The journalist added that the current negotiations mainly revolve around the August district court ruling, which imposed a $125 million fine on Ripple and the permanent injunction which barred the company from selling XRP to institutional investors.
XRP has been showing strength recently, bouncing 10% from its crucial support of $2. Also, the coin is currently trading 1.70% up at $2.24. Any settlement in the Ripple lawsuit will lead to XRP bulls taking the price beyond $3 in no time. It will also open the gates of approval for the much-awaited spot XRP ETF.