A blockchain payments firm has achieved a significant regulatory milestone by obtaining a license from the Dubai Financial Services Authority (DFSA). This landmark approval positions the company as the first digital assets-enabled payments provider permitted to operate within the Dubai International Finance Centre (DIFC).
The license marks the firm’s initial foray into the Middle East and empowers it to deliver regulated cryptocurrency payment services to businesses across the United Arab Emirates (UAE). This regulatory approval solidifies its established presence in a region where it serves approximately 20% of its global clientele. The development also extends the company’s focus on regulatory advancements within the Middle East that began last year, which included the acquisition of an in-principle license for cross-border payment services.
As the landscape of the cryptocurrency industry continues to evolve, there is a growing confidence among market participants regarding the integration of blockchain solutions. Recent research indicates that 64% of finance leaders in the Middle East and Africa prioritize improved payment and settlement times as a core advantage of blockchain technology.
The UAE is actively positioning itself as a global center for cryptocurrency innovation, boasting a substantial international trade market valued at over $400 billion. This has inspired heightened interest from both established financial institutions and new cryptocurrency firms, all of which are seeking alternatives to traditional cross-border payment systems.
Acquiring this license not only reflects a commitment to nurturing innovation but also opens new avenues for expansion within the region. The CEO of the DIFC Authority highlighted this milestone as a means to facilitate the company’s ability to leverage emerging growth opportunities.
Since the establishment of its regional headquarters in DIFC in 2020, the firm has steadily grown its footprint in the Middle East, and the latest license contributes to its ever-expanding regulatory achievements, which now encompass over 60 approvals globally. The company’s regulatory achievements span various jurisdictions, including licenses from Singapore’s Monetary Authority, New York’s Department of Financial Services, and the Central Bank of Ireland, among others.
Additionally, the firm launched its RLUSD stablecoin late last year, which has quickly gained traction in the market, surpassing $130 million in market capitalization. The expectation is that adoption of such stablecoins will continue to rise in the UAE, particularly as businesses look to modernize and improve their real-time settlement capabilities beyond conventional banking frameworks.
In summary, the recent licensing achievement opens up regulated cross-border cryptocurrency payment services in the UAE while underlining the growing appetite for blockchain technology within the region. The company’s increasing regulatory footprint reflects its ambition and readiness to serve the evolving needs of businesses looking for efficient, transparent payment solutions in one of the world’s leading cross-border payment hubs.