XRP Spikes 4% As Ripple Gains Approval To Offer Crypto Payments In Dubai

Ripple XRP/USD on Thursday announced it has secured authorization from the Dubai Financial Services Authority (DFSA) to deliver regulated cryptocurrency payment services within the Dubai International Finance Centre (DIFC), becoming the first entity of its kind to achieve this status in the region.

What Happened: The decision comes as Ripple navigates a potential resolution to its long-standing legal battle with the U.S. Securities and Exchange Commission.

The approval allows Ripple to offer its compliance-focused payment platform to businesses in the UAE, a country handling over $400 billion in international trade annually.

A 2024 survey by Ripple revealed that 64% of financial leaders in the Middle East and Africa view faster payment processing and settlement as the primary advantage of blockchain-based currencies for cross-border transactions.

Ripple, which set up its regional headquarters in DIFC in 2020, already serves about 20% of its global clients from the Middle East, where 82% of financial executives express strong confidence in adopting blockchain technologies.

"We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption," said Brad Garlinghouse, Ripple's CEO.

"Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit."

Also Read: Binance CEO Richard Teng Hails Donald Trump’s Bitcoin Reserve, XRP, Ethereum, Solana Digital Asset Stockpile

Arif Amiri, CEO of the DIFC Authority, welcomed the development, stating, "We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond."

The license complements Ripple's global regulatory approvals, including licenses from Singapore's Monetary Authority, New York's financial department, Ireland's central bank and various U.S. state licenses, totaling over 60 worldwide.

Price Action: XRP is up 4.1% over the past 24 hours, trading at $2.29 at the time of writing.

Why It Matters: Ripple's recent launch of its RLUSD stablecoin, with a market cap exceeding $130 million since late December, is expected to enhance payment efficiency in the UAE, where traditional banking systems often lag in processing speed.

Reece Merrick, Ripple's Managing Director for the Middle East and Africa, highlighted the strategic importance of the approval, saying, "Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world's largest cross-border payments hubs."

This move builds on Ripple's regional growth, supported by a local team and a robust client pipeline. Meanwhile, the company faces a potential end to its 2020 SEC lawsuit, which accused Ripple of breaching securities laws through XRP sales, as reported by former Fox News journalist Eleanor Terrett, citing reliable sources.

This development coincides with a noticeable shift in SEC policy under President Donald Trump, including the closure of the Yuga Labs NFT investigation and the reassignment of the Ripple case litigator, suggesting a more favorable stance toward the crypto sector.

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