Ripple received license in Dubai to provide crypto-payment services in UAE

Ripple has become the first blockchain vendor to receive approval from the Dubai Financial Services Authority (DFSA) to provide regulated cryptocurrency payment services in the UAE.

According to Ripple CEO Brad Garlinghouse, the cryptocurrency industry is entering a period of growth due to more transparent regulation and increased institutional adoption. He said that the UAE has exceptional growth opportunities with its favorable environment for technological innovation.

Ripple is registering increasing demand in the Middle East, with around 20% of its global customers already operating in this region. The DFSA license adds to the list of more than 60 approvals that the company has received worldwide, including licenses in Singapore, Ireland and several US states.

Ripple expects its payment utility to accelerate the adoption of stablecoins in the UAE and support the growth of its own digital currency, RLUSD, which has reached $134 million in capitalization.

The price of XRP rose almost 4% amid expectations of the final stage of litigation with the US Securities and Exchange Commission (SEC). This is reported by CoinDesk.