Ripple receives in-principle license approval in Dubai
2024-10-01

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). 
On Oct. 1, Ripple announced that it had secured in-principle license approval from the DFSA, 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 Dubai.
In its official statement, the company said:
To complete the process, companies in the DIFC, including those in the crypto space, must meet several obligations, such as securing office space within the special economic zone. Upon successful registration, the DIFC will issue a full license to applicants.
Achieving global presence through license approvals
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:
Ripple also plans to use Dubai as a strategic hub to access fast-growing crypto markets across the Middle East, Africa and South Asia.
Salmaan Jaffery, chief business development officer of the DIFC Authority, emphasized Dubai’s ideal position as a global hub:
Dubai demands investor warnings on crypto products
Dubai’s digital asset regulator recently revealed stricter requirements for companies marketing crypto investments in the UAE. 
On Sept. 26, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated all companies promoting digital asset investments in the country to add a disclaimer to their marketing material.
VARA CEO Matthew White said that providing clear and actionable guidance can help virtual asset service providers “deliver their services responsibly.”