Ripple gets a historical license in Dubai, is XRP the standard for cross -border payments?

Ripple (XRP) was the first blockchain-based payment provider to receive green light from the Dubai Financial Services Authority (DFSA) to offer crypto pricing in the United Arab Emirates (VAE). With this approval, the company can expand its services within the Dubai International Financial Center (DIFC). This is an economic free trade zone with its own regulations and tax benefits.

New milestone for Ripple

The approval of the DFSA is a big step for Ripple. The company announced on March 13 that it had obtained its full license. This happened almost six months after receiving a provisional approval. On October 1, 2024, Ripple announced that it worked on a DFSA license to strengthen its infrastructure in the VAE. That ambition has now become reality.

This license enables Ripple to offer cross-border payments through blockchain technology. This is a development that can change the financial sector in the region. The demand for efficient international transactions is increasing, both at crypto companies and with traditional financial institutions.

Dubai’s position as a crypto-hub

Dubai is increasingly positioning itself as an international junction for cryptocurrencies and blockchain technology. Thanks to clear regulations and an open attitude towards innovation, the city is attracting more and more companies and investors. The approval for Ripple underlines Dubai’s ambition. The city wants to become a leading player in the field of digital payments and financial technology.

Ripple has now obtained more than 60 regulatory approvals. These include a Major Payments Institution license of the Monetary Authority of Singapore (MAS), and a trust charter of the New York Department of Financial Services (NYDFS). Ripple also has a Virtual Asset Service Provider (Vasp) registration of the Central Bank in Ireland. In addition, Ripple has Money Transmitter Licenses (MTLS) in several American states.

While Ripple is further expanding its regulated status, the long -term lawsuit with the American Securities and Exchange Commission (SEC) seems to be coming to an end. This could bring more clarity about the legal status of XRP. The current XRP price is $ 2.26, an increase of 2.83% in the last 24 hours.

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