As a seasoned analyst with over two decades of experience in the financial industry, I’ve seen my fair share of regulatory hurdles and market volatility. However, watching Ripple Labs Inc’s meteoric rise amidst adversity is nothing short of impressive. The recent approval from the Dubai Financial Services Authority (DFSA) is yet another feather in their cap, solidifying their position as a global leader in regulated crypto services.
Ripple Labs Inc has been given preliminary approval by the Dubai Financial Services Authority (DFSA), which permits them to broaden their services from the Dubai International Financial Centre (DIFC). This important step strengthens Ripple’s global presence as a regulated digital asset infrastructure provider.
This also positions the company as the initial blockchain-integrated payments service provider authorized by the DFSA (Dubai Financial Services Authority), an autonomous financial regulatory body based within the DIFC (Dubai International Financial Centre).
DFSA Approval Adds to Ripple’s List of Licenses
Obtaining preliminary approval from the DFSA gives the blockchain payments company the opportunity to launch its cross-border payment services in the United Arab Emirates (UAE). Among these offerings is Ripple Payments Direct (RPD), a service that facilitates direct financial agreements for cross-border fiat transactions. This opens up the possibility of significantly increasing their user base.
According to a statement they released, Ripple pointed out that the recent development is consistent with their goal of offering businesses swift, affordable, and efficient cross-border payment systems. They manage to accomplish this by integrating strong regulatory compliance with continual investments in essential components like liquidity management, cryptocurrency custody, and bridges between traditional (fiat) and digital currencies.
As per Brad Garlinghouse, the CEO of a payment company, “Blockchain and cryptocurrency technologies are not going anywhere. With its progressive regulatory strategy and explicit advice for forward-thinking businesses aiming to invest and grow, the UAE is establishing itself as a world leader in this upcoming age of financial technology.
As a result, obtaining this DFSA approval further expands our global reach, as we’ve collected numerous licenses throughout the years from various regions. Last year, we secured a license in Ireland through a local venture, and a year prior, the Singapore branch of Ripple Labs received a full license from the region. This license is essential for us to operate as a Major Payment Institution (MPI) in this region.
Four months after receiving an initial preliminary approval, the Monetary Authority of Singapore (MAS) granted a license to Ripple. Many of these licenses were acquired by Ripple during a period when they were seeking support outside the United States due to SEC enforcement actions. In the early stages of the SEC lawsuit, Ripple encountered substantial challenges in expanding its business within the US.
In recent developments, several trading platforms have removed XRP from their lists, and notable partners such as Moneygram International Inc (NASDAQ: MGI) have discontinued their partnership with the payments company. However, it’s worth noting that with some clarity on XRP’s status as a security, Ripple’s business environment seems to be showing signs of improvement.
Ripple Mints RLUSD in Private Beta Testing
Beyond obtaining various permits and certifications, Ripple remains dedicated to enhancing the quality of its ecosystem’s offerings.
presently developing a stablecoin pegged to the U.S. dollar called RLUSD. This digital token is currently undergoing private beta testing on both the XRP Ledger and Ethereum‘s main network. The creation of several RLUSD tokens has already taken place during this process. Over 1.7 million RLUSD were minted between September 28th and 29th.
Ripple Stablecoin Tracker shows that about 600,000 RLUSD were minted on September 30.
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2024-10-01 13:57