Digital asset infrastructure provider Ripple 
$0.62915 Labs has received in-principle approval from the Dubai Financial Services Authority (DFSA). This approval makes it possible for the company to expand its services from the Dubai International Financial Center (DIFC). This important development reinforces Ripple’s global position as a regulated crypto service provider.
DFSA Approval Allows Addition to Ripple’s License List
The in-principle approval from the DFSA will help Blockchain payments company Ripple introduce cross-border payment services in the United Arab Emirates (UAE). In this context, services such as Ripple Payments Direct (RPD) will be offered. This has the potential to expand the company’s user base by several million.
Ripple Continues to Increase Its Licenses
With the approval it received from DFSA, Ripple also maintains the licenses it received from regions such as Ireland and Singapore in previous years. In 2022, Ripple received a license through a local startup to operate in Ireland. Last year, it received a full license in Singapore and gained regional Major Payments Institution (MPI) status. These licenses allow Ripple to operate outside the United States due to the SEC’s regulatory practices in the United States.
Ripple Mints RLUSD in Private Beta Test
In addition to the licenses and approvals it has, Ripple also focuses on developing the products in its ecosystem. The company is working on its stablecoin RLUSD, which is pegged 1:1 to the US dollar, and the stablecoin is currently supported by XRP Ledger and Ethereum. 
$2,644 It is in private beta testing phase on its mainnet. By the end of September, 1.7 million RLUSD coins were minted, and as of September 30, approximately 600 thousand more RLUSD coins were produced.
In light of these developments, Ripple’s DFSA approval enables the company to operate more effectively in the UAE and regional markets, while helping it overcome difficulties in business partnerships due to regulatory pressures from the SEC. Ripple aims to make cross-border payment solutions faster, cost-effective and efficient through compliance with regulation and investments in critical infrastructure.
These steps by Ripple set an important example for the cryptocurrency industry. The new licenses obtained and the products developed by the company increase its competitiveness in the global market and offer wider and more reliable service options for users.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
