On Thursday, Ripple announced it received regulatory approval from the Dubai Financial Services Authority (DFSA) to provide crypto payment services in the Dubai International Finance Center (DIFC), becoming the first blockchain payments provider licensed by the DFSA. This marks Ripple's first license in the Middle East and adds to its over 60 regulatory approvals worldwide. Ripple CEO Brad Garlinghouse noted the UAE's supportive environment for crypto innovation, highlighting the $40 billion cross-border payments market. The company already has 20% of its global customer base operating in the Middle East since establishing its regional headquarters in the DIFC in 2020. The price of XRP rose nearly 4% following the announcement, trading at $2.24, fueled by speculation that Ripple's long-standing legal dispute with the U.S. Securities and Exchange Commission (SEC) may be nearing a settlement, with sources indicating the SEC is reevaluating its position.
Ripple Secures Landmark Crypto Payment License in Dubai, XRP Surges Amid SEC Settlement Hopes
Edited by: Yuliya Shumai
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