The Dubai Financial Services Authority has given Ripple preliminary clearance for a financial services license. Reaching this goal will allow Ripple to launch its end-to-end managed payments services in the UAE.
The news, which highlighted the company’s growing worldwide penetration in regulated markets, was announced through Ripple’s official blog post and X post.
What you'll learn 👉
Expansion in the UAE Market
With this approval, Ripple is ready to launch Ripple Payments Direct (RPD) in the United Arab Emirates. For companies in the area, the company wants to offer quicker, more reasonably priced cross-border payment alternatives. Ripple’s entrance into the UAE fits its more general approach of improving digital asset infrastructure and regulatory compliance as well as liquidity.
Having over 55 licenses, including from important financial agencies in Singapore, New York, and Ireland, Ripple has long been dedicated to cooperating with governments all around. With this acceptance by the DFSA, Ripple’s position in the Middle East—a market already accounting for 20% of its worldwide clientele—will be much strengthened.
Regulatory Support and Strategic Positioning
Approval of the DFSA license also supports Dubai’s position as a worldwide center of financial services. Brad Garlinghouse, CEO of Ripple, praised the UAE for its progressive legislative style, which has drawn fintech and blockchain businesses there.
In 2020, Ripple established its regional headquarters in Dubai and has been investing in growing its presence in the Middle East.
Salmaan Jaffery, the DIFC, praised Ripple’s decision to expand in Dubai, highlighting the city’s location and regulatory framework.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: PEPE Price Pumps 30%, But Which Meme Coin is Best to Invest In Now?
Community Anticipation
Following the announcement, top X accounts, including @Cryptoinsightuk, expressed excitement over Ripple’s expansion. The tweet from @Cryptoinsightuk suggested that XRP could see increased movement in the market.
This is as the approval in Dubai positions Ripple to further institutional adoption of blockchain technology in the region. Besides, this sentiment mirrors the broader optimism surrounding Ripple’s growth in the Middle East.
At press time, XRP trades at $0.628. The token’s daily trading volume of $1,997,411,184. This shows a 3.32% dip in the last day and a 7.01% increase over the week.
Besides, XRP holds strong above the support at $0.611 but faces immediate resistance at $0.6524. A flip of the resistance, could see XRP surge to the next potential resistance around $0.700, a critical level, due to this positive news.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
