Ripple Labs is now licensed for full operations in Dubai as the firm took its compliance push to a whole new level
Blockchain payments firm Ripple is set to expand its services in the United Arab Emirates (UAE) after obtaining in-principle approval from the Dubai Financial Services Authority (DFSA). This milestone is crucial to improving the firm’s presence in the Middle East.
Ripple Seeks Global Regulatory Compliance With 55 Licences
The approval brings several capabilities to Ripple, including legal backing for operations from the Dubai International Financial Centre (DIFC). Ripple will also roll out advanced payment solutions like the Ripple Payments Direct (RPD) within the UAE.
It intends to build on its regulatory compliance moves alongside ongoing investments in critical infrastructure components. These infrastructures include liquidity, crypto custody, and on/off-ramps between fiat and digital assets. DIFC Authority’s Chief Business Development Officer Salmaan Jaffery acknowledged the significance of the in-principle approval.
“At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region,” the agency wrote.
Ripple is gradually establishing its position as a leader in the blockchain industry. It currently holds about 55 licenses, including authorizations from significant authorities like the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI).
Binance Obtain DATF License in Kazakhstan
The news of Ripple’s in-principle approval coincides with the announcement of a similar milestone from leading cryptocurrency exchange Binance. The exchange officially announced on Tuesday that it has secured a full Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority (AFSA) after a rigorous, multi-stage review with the authorities.
Conducting comprehensive external financial audits and obtaining ISO certifications were required as part of the process. Beyond compliance with AFSA’s strict regulatory standards, the agency also proved its platform is robust and trustworthy.
Binance is now legally allowed to operate as a crypto trading facility, broker-dealer, and custody service. Users of the platform in the Kazakhstan region can even trade Worldcoin (WLD), for which the exchange plans to launch futures soon.
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