Norton Rose Fulbright Advised Ripple On Securing DFSA Approval For Expansion In Dubai
Norton Rose Fulbright has advised Ripple on securing in-principal approval from the Dubai Financial Services Authority
Norton Rose Fulbright Advised Ripple On Securing DFSA Approval For Expansion In Dubai
Norton Rose Fulbright has advised Ripple on securing in-principal approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
Ripple becomes the first blockchain-enabled payment services provider to be licensed by the DFSA, marking a significant step in the company's strategic focus on growing operations in the Middle East, following the establishment of its regional headquarters in Dubai in 2020.
The authorization allows 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, commented, “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.”
He added, “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.”
The Norton Rose Fulbright team was also supported by Partner Harold Tin in Hong Kong.