Norton Rose Fulbright has advised Ripple on securing an in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
Ripple is the first blockchain-enabled payment services provider to be licensed by the DFSA, reinforcing its strategic focus to grow operations in the Middle East since establishing its regional headquarters in Dubai in 2020.
The authorisation enables Ripple to introduce cross-border payment services, including Ripple Payments Direct (RPD), within the UAE.
The Norton Rose Fulbright team was led by partner Matthew Shanahan and counsel Andre Abou Aad, with support from associate Hasanali Pirbhai.
Shanahan said: “We were thrilled to assist Ripple with its DFSA license application and look forward to seeing the firm grow its footprint in the Middle East.”
Ripple managing director for the Middle East and Africa Reece Merrick said: “This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval.”
Continuing, he said: “Over 20% of Ripple’s global customer base is located in the UAE and as we continue to extend our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions. We look forward to supporting the UAE’s vision to become a leading global crypto and fintech hub by driving the institutional adoption of blockchain technology.”
Earlier this week Norton Rose Fulbright announced it had advised crypto exchange Bybit on securing a provisional (non-operational) approval for a Virtual Asset Exchange Services license from the Virtual Assets Regulatory Authority (VARA) in Dubai.
The regulatory milestone marks a significant step towards Bybit securing full operational approval in Dubai.
The Norton Rose Fulbright team was led by Shanahan in Dubai and partner Harold Tin in Hong Kong.
Norton Rose Fulbright previously advised long-standing client Bybit on its entry into the UAE market and the establishment of its international headquarters in Dubai in 2022.
