Blockchain Based Payment Service Provider Ripple has received full regulatory approval from Dubai Monetary Products and Services Authority (DFSA) to offer Cryptocurrency Payment Services in United Arab Emirates (UAE). This license gives Ripple a permission to offer its services in Dubai Global Monetary Center (DIFC), a UAE Free-Economic Sector and has its own tax policy and regulatory framework. With this approval, Ripple can now provide global blockchain-based payment solution to different businesses of UAE. If you want to know Ripple in detail, then What is rippleYou can know by clicking on this link.
Ripple’s entry into DIFC
This move of Ripple can prove to be an important milestone in the fields of crypto and blockchain technology in the UAE and Middle East. After receiving this license, Ripple has become the first blockchain-based payment service provider in DIFC. DIFC CEO, Aref Amiri said it is a historical step, which will further strong the Commitment of Ripple in Dubai. This license will enable Ripple to take advantage of occasions not only in the field of UAE but also in the fields of wide MNA (Middle East and North Africa). Before Ripple launched custody service for XRP, RLUSD with BDACS Which reflects, that Ripple takes important steps in the crypto from time to time.
Friendly Environment for Crypto Innovation in UAE
Ripple’s CEO, Brad Garlinghouse described UAE as a good place for technical and crypto innovation. He said that UAE’s leadership and supportive atmosphere is a good opportunity to encourage cryptocurrency and blockchain technology. This license will give Ripple an opportunity to partner to implement digital assets for finical institution in real world. Ripple also stated that the demand for cross-border payment has been seen in the Middle East, which is not only coming from the crypto-element companies, but also from the Traditional Financial Organization.
After this license is obtained, RIPPLE will now work towards enforcing its crypto payment solution in the UAE and Middle East countries, which can bring revolutionary changes in the financial sector in the future.
Conclusion
Ripple’s license from DFSA symbolizes the growing acceptance and expansion of crypto and blockchain technology in the fields of UAE and Mena. This license not only offers Ripple an opportunity to expand its global payment network, but also opens new avenues to make digital payment easier and more effective in the UAE and its surrounding countries. In Future, this step can prove to be a milestone for crypto and blockchain technology, which will not only make changes in the finician sector, but can also have a significant impact in global economic cinema.
