Ripple CEO Brad Garlinghouse made important statements evaluating the new regulatory success they achieved in the Middle East. The company announced that it has received an operating permit from the Dubai Financial Services Authority (DFSA) as of today. This permit is an important step that will allow Ripple to expand payment services in the United Arab Emirates. By receiving this approval, Ripple became the first payment provider to provide services with blockchain technology.
In his post on social media, Garlinghouse emphasized that regulatory clarity is one of the most critical needs for the business world. “The UAE understands this issue very well,” he said. Ripple has been active in the MENA region for a long time and is gaining strength with crypto-friendly regulations in the region. The company, which established partnerships with financial institutions in the UAE, Saudi Arabia, Kuwait and Oman years ago, made an even stronger entry into this market by opening a regional center in Dubai in 2020. At the time, as speculation arose that Ripple would leave the US, Garlinghouse repeatedly praised the UAE as one of the most suitable regions for the crypto world.
Reece Merrick, one of Ripple’s representatives, described this new license as a “turning point” for the company’s growth in the Middle East. Merrick stated that Ripple will contribute to realizing the UAE’s goals of becoming a crypto-friendly country.
