Cryptos, Markets

Ripple obtains preliminary license to operate in Dubai

October 1, 2024 OnEquity

Ripple reported on October 1 that the blockchain company has achieved another regulatory milestone in the United Arab Emirates.

Specifically, the Dubai Financial Services Authority (DFSA) has granted Ripple preliminary approval, allowing the company to expand its services and strengthen its presence in the UAE and the Middle East in general.

The approval means Ripple can now provide its services elsewhere in the country, expanding its presence from the Dubai International Financial Centre (DIFC).

“This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a world-renowned independent regulator with a rigorous regulatory process and we are delighted to have received its preliminary approval,” said Reece Merrick, Ripple’s managing director for the Middle East and Africa, in a statement.

According to Merrick, more than 20% of Ripple’s global user base is in the UAE, and the expansion will enable it to bring products and services to an increasing number of individuals and businesses. Among the key innovations will be Ripple’s cross-border payment solutions offering, including the Ripple Payments Direct, or RPD, service.

Ripple’s regulatory compliance

This achievement puts Ripple, the company behind the XRP cryptocurrency , on track to be the first blockchain-based payments provider to be licensed by the DFSA. The UAE is Ripple’s regional headquarters in the MENA region and South Asia, which the company founded in Dubai in 2020.

But in addition to regulatory compliance in the UAE, along with this new license in principle, Ripple has further traction in this pursuit.

The company has obtained more than 55 licenses in various jurisdictions around the world, including the New York Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS) and the Central Bank of Ireland (CBI).

Related posts

Cryptos, Markets

Ripple Challenges SEC’s Classification of Fungible Cryptocurrencies in Secondary Sales

May 28, 2025 OnEquity

Ripple has formally argued to the U.S. Securities and Exchange Commission (SEC) that fungible cryptocurrencies, when traded in secondary markets, should not be considered securities. In a letter dated May 27, Ripple—the blockchain firm behind XRP—cited legal scholar Lewis Cohen’s influential 2022 paper “The Inescapable Modality of Securities Law,” which asserts there is no legal […]

Analysis, Cryptos

Ripple Pledges $25 Million to Strengthen U.S. Classrooms and Empower Educators

May 5, 2025 OnEquity

Ripple has announced a $25 million commitment to support teachers and classrooms across the United States, aiming to close persistent gaps in educational resources. The initiative, unveiled on Monday, will deliver funding through Ripple USD (RLUSD), the company’s U.S. dollar-pegged stablecoin. The effort is part of Ripple’s broader mission to promote financial and educational equity […]

Cryptos, Markets

SEC May Drop Its Appeal Against Ripple: John Reed Stark

February 18, 2025 OnEquity

The regulatory landscape for cryptocurrencies in the US is shifting, and a potential change in the Securities and Exchange Commission’s (SEC) position could reshape the industry. John Reed Stark, former Director of the SEC’s Office of Internet Enforcement, has warned that the agency may drop its appeal against Ripple Labs, a move that could have […]