Ripple receives license in Dubai

Ripple is moving into Dubai. Thanks to a license that the company behind the crypto currency XRP has now received from the Dubai Financial Services Authority (DFSA), Ripple may now offer "regulated crypto payments and services."

By this approval Ripples "payment product for businesses is now also becoming available in the United Arab Emirates," the company reported in a press release. Meanwhile, about 20 percent of all customers are from the Middle East.

"We are delighted that Ripple is strengthening its commitment to Dubai by obtaining a DFSA license, making the company the first blockchain payment provider within the DIFC," said Arif Amiri, CEO of the DIFC Authority.

According to Ripple CEO Brad Garlinghouse, the crypto industry is currently in an "unprecedented growth phase," driven by "global improvements in regulation and increasing institutional acceptance."

In doing so, Garlinghouse presumably has the United States in mind. Following changes at the SEC under Trump, the legal conflict between the authority and Ripple may appear to be coming to an end. For the latest status and remaining obstacles, read here further.