United

Dubai

Ripple, a leading crypto payments infrastructure provider, has received an in-principle license approval from the Dubai Financial Services Authority (DFSA), allowing the company to establish a presence in the United Arab Emirates (UAE).&nbsp;
On Oct. 1, Ripple announced the DFSA in-principle license approval, a prerequisite for attaining a full license in Dubai. Once fully approved, Ripple will be able to offer cross-border payment services for fiat and digital assets in the Dubai International Financial Center (DIFC), a special economic zone.
In its official statement, the company said:
<blockquote>
 “This milestone significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the UAE.”
</blockquote>
To complete the process, companies in the DIFC, including those in the crypto space, must meet several <a data-ct-non-breakable="null" href="https://www.difc.ae/business/establish-a-business/innovation-licence" rel="null" target="null" text="null" title="null">obligations</a>, such as securing office space within the zone. Upon successful registration, the DIFC will issue a full license to applicants.
<figure>
 <img alt="Ripple receives in-principle license approval in Dubai" name="" src="https://s3.cointelegraph.com/uploads/2024-10/01924795-3e1c-7537-8299-a57ae9bab989">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/Ripple/status/1841013971676967283" rel="null" target="null" text="null" title="https://x.com/Ripple/status/1841013971676967283">Ripple</a>
 </figcaption>
</figure>
<h2 id="achieving-global-presence-through-license-approvals">Achieving global presence through license approvals</h2>
Ripple is working to become the first blockchain-enabled payment services provider licensed by the DFSA. The company plans to roll out its enterprise-grade digital asset infrastructure in the UAE. Ripple CEO Brad Garlinghouse said:
<blockquote>
 “With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”
</blockquote>
Ripple also plans to use Dubai as a strategic hub to access fast-growing crypto markets across the Middle East, Africa and South Asia.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bybit-bags-provisional-crypto-license-dubai" rel="null" target="null" text="null" title="null">Bybit bags provisional crypto license from Dubai regulator</a>
Salmaan Jaffery, chief business development officer of the DIFC Authority, emphasized Dubai’s ideal position as a global hub:
<blockquote>
 “Dubai’s strategic location and DIFC’s robust legal and regulatory framework, built on two decades of experience, makes this the ideal hub for international businesses looking to make a lasting impact.”
</blockquote>
<h2 id="dubai-demands-investor-warnings-on-crypto-products">Dubai demands investor warnings on crypto products</h2>
Still, Dubai’s digital asset regulator recently revealed stricter requirements for companies marketing crypto investments in the UAE.&nbsp;
On Sept. 26, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated all companies promoting digital asset investments in the country <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dubai-regulator-tightens-crypto-marketing-rules" rel="null" target="null" text="null" title="null">must add a disclaimer to their marketing material</a>.
VARA CEO Matthew White said that providing clear and actionable guidance can help virtual asset service providers “deliver their services responsibly.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/advanced-ai-system-already-self-aware-asi-alliance-founder-agi/" rel="null" target="null" text="null" title="null">Advanced AI system is already ‘self-aware’ — ASI Alliance founder</a>

Ripple receives in-principle license approval in Dubai

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