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.
We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. https://t.co/4zq8YPlgaG
— Ripple (@Ripple) October 1, 2024
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.
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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.
$XRP HOLDERS!Ripple secure “in-principle approval of a financial services license from Dubai Financial Services Authority”End to end payment services in the UAE!$XRP about to make moves I feel. “We look forward to supporting the UAE’s vision to become a leading global… pic.twitter.com/VFZ0EIeJBh
— Cryptoinsightuk (@Cryptoinsightuk) October 1, 2024
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.
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The post Ripple Secures Crucial Dubai Licensing: What Does This Mean For XRP Price? appeared first on CaptainAltcoin.
