Ripple has received full regulatory approval from the DFSA to provide crypto payment services in the UAE, tapping into a $40 billion cross-border payments market. CEO Brad Garlinghouse noted the conducive environment for growth in the UAE, and Ripple’s new license will accelerate their innovation efforts. The situation with the SEC may also positively impact XRP, which is currently trading at $2.32 after a recent jump in value.

Ripple, a notable enterprise blockchain and cryptocurrency solutions provider, recently acquired full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE). This approval positions Ripple to capitalize on the UAE’s robust $40 billion cross-border payments market which has shown an increasing demand for innovative payment solutions.

With this new license, Ripple has become the first payments provider licensed to operate within the Dubai International Financial Centre (DIFC). This authorization signifies a substantial opportunity for Ripple as it expands its presence in the Middle East. According to Ripple CEO Brad Garlinghouse, the UAE is “exceptionally well-placed” to benefit from the anticipated growth of the crypto industry, which is gaining traction due to improved regulatory clarity and heightened institutional adoption.

This recent approval follows an earlier in-principle DFSA license granted in October 2024, enabling Ripple to initiate services in the DIFC, a free zone that offers its own regulatory and tax policies. The company emphasized that this regulatory advancement would allow Ripple to accelerate growth and innovation within a high-potential market, fostering an environment conducive to cryptocurrency development.

The UAE’s $40 billion cross-border payments market reflects a growing need for real-time payment settlements, which may catalyze increased adoption of stablecoins in the region. Ripple has introduced its U.S.-dollar-backed RLUSD stablecoin, launched in December, which currently has a market capitalization of approximately $135 million.

Ripple’s entrance into the UAE occurs against the backdrop of emerging reports that the U.S. Securities and Exchange Commission (SEC) may conclude its enforcement action against the company after an extended period of more than four years. Under the current administration, the SEC has adopted a more favorable view towards cryptocurrency. Despite ongoing legal challenges, Ripple has maintained a strong portfolio of licenses globally, bringing its total regulatory approvals to exceed 60.

The combination of Ripple’s new Dubai license and the potential resolution of its legal disputes with the SEC is expected to enhance the mainstream adoption of XRP. The XRP community is optimistic about reaching the $3 price mark, especially as the asset was trading at $2.32, reflecting a 7% surge in the previous 24 hours.

In summary, Ripple’s acquisition of regulatory approval in the UAE marks a significant milestone in its expansion strategy within the Middle Eastern market. With the ability to capitalize on the fast-growing cross-border payments sector and a favorable regulatory stance, Ripple is well-positioned for future growth. The ongoing legal developments with the SEC further underscore the potential for XRP to achieve broader acceptance and reach higher price points.

Original Source: zycrypto.com

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