Ripple Secures Regulatory Approval in Dubai to Expand Crypto Payments
Ripple, a leader in enterprise blockchain and crypto solutions, has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Finance Centre (DIFC). This marks Ripple's first license in the Middle East and underscores the company's commitment to regulatory compliance globally.
Dubai Regulatory Approval
Ripple's new DFSA license allows the company to offer its blockchain-based payment solutions to businesses in the UAE, a country actively embracing digital assets. The approval enables Ripple to facilitate faster and more cost-effective cross-border transactions in a region where trade exceeds $400 billion.
Stablecoin Innovation
Ripple's regulatory approval comes as the company continues to expand its stablecoin offerings. Last December, Ripple launched its U.S. dollar-pegged stablecoin RLUSD, which has grown to over $130 million in market capitalization since its introduction.
Legal Developments
Meanwhile, Ripple's long-standing legal dispute with the U.S. Securities and Exchange Commission (SEC) may be approaching resolution. The SEC filed a lawsuit against Ripple in 2020 for allegedly violating federal securities laws through the sale of XRP. Recent reports suggest the dispute could be nearing an end under new agency leadership.
Market Response
The price of XRP has risen 2.2% in the past day to trade at $2.24, according to The Block's XRP price page.
