Ripple
October 2, 2024
Ripple Unicorn News - October 02, 2024
Ripple has received in-principle approval from the Dubai Financial Services Authority to expand its blockchain-based payment services in the UAE. This strategic move aims to enhance Ripple's presence and capabilities in the Middle East.
() Introduction
() Ripple Expands Operations in the UAE with In-Principle Approval from Dubai Financial Services Authority
Ripple has received in-principle approval from the Dubai Financial Services Authority, allowing the company to expand its blockchain-based payment services across the United Arab Emirates. This regulatory milestone enables Ripple to extend its operations beyond the Dubai International Financial Centre. Reece Merrick, Ripple's managing director for the Middle East and Africa, highlighted the significance of this expansion, noting that over 20% of Ripple's global user base is located in the UAE. With this approval, Ripple will be able to offer its Ripple Payments Direct service, thereby enhancing cross-border payment solutions in the region. This development positions Ripple as a significant player in the Middle East's financial technology sector.
Sources
1 https://coinjournal.net/news/ripple-secures-in-principle-approval-to-expand-services-in-the-uae/
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