Ripple is tightening its hold on the fast-growing crypto industry in the Middle East. This year, the company became the first blockchain payments provider to receive a license from the Dubai Financial Services Authority (DFSA).
This license enables Ripple to offer its Ripple Payments service to businesses in the UAE. The firm generally wants to offer transparent cross-border payments in one of the world’s biggest trade and remittance markets, according to a recently posted blog post.
Meanwhile, the Middle East is now the world’s seventh-largest crypto economy. Ripple started growing in the region when it opened an office in Dubai in 2020. Now, 20% of Ripple’s total customers are in the Middle East.
This regain has a great success when it comes to crypto thanks to its strong regulation, youthful tech-savvy population, and high interest from both startups and major institutions.
“This licensing milestone helps legitimize real-world applications of digital assets in the Middle East,” Ripple said. The firm now offers tools such as stablecoins, custody, and trusted payments to support the growth of digital assets.
In a recent tweet on X, Reece Merrick, Ripple’s Managing Director for Middle East and Africa said that he’s “grateful to be leading this incredible region for Ripple.” In a video posted by the company, he confirmed that both regions are “one of the most promising regions in the world for crypto development and adoption.”
Moveover, about 85% of finance and enterprise businesses say that they are more confident in digital assets now than they were six months ago. Also, 97% believe that digital assets will be an important part of their business in three years’ time.
Already, 40% of firms in the Middle East and Africa use digital asset custody solutions. Another 56% plan to use them soon. Ripple also launched RLUSD, a stablecoin made for secure payments and use in DeFi projects.
Furthermore, after building momentum in the Middle East, Ripple now has its eyes on the UK. The British government is working on new crypto rules, and Ripple sees this as a big opportunity.
Cassie Craddock, Ripple’s UK, and Europe Managing Director, also said, “The UK has the chance to lead – now’s the time to move at pace..” She praised the UK’s approach as “flexible” and “globally competitive.” Ripple already has an office in London and believes smart rules can help the UK become a crypto leader.
Also Read: Tether Reports $1B Profit and $120B in U.S. Treasury for Q1 2025
