Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA), marking a significant step in its efforts to boost financial services innovation in the United Arab Emirates (UAE), according to an Oct. 1 statement.

This makes the firm the first blockchain-based payment service provider to obtain a license from the DFSA, further establishing its role as a regulated global entity.

Meanwhile, the latest DFSA approval adds to Ripple’s existing portfolio of over 55 licenses globally, including those from the Monetary Authority of Singapore (MAS) and the New York Department of Financial Services (NYDFS).

What this means for Ripple

Ripple shared that this DFSA approval would enable it to expand operations in the Dubai International Financial Centre (DIFC).

In addition, the approval grants Ripple the ability to deploy its enterprise-grade digital asset infrastructure across the UAE, including launching its Ripple Payments Direct (RPD) solution for cross-border payments.

So, the licensing could help the firm achieve its mission of delivering faster, more cost-efficient cross-border payment services while integrating regulatory compliance with continued investments in critical infrastructure elements, such as liquidity management, asset custody, and seamless transitions between fiat and digital currencies.

Notably, global investment bank Houlihan Lokey recently noted that Ripple’s continued growth could help it become a key challenger to SWIFT, the dominant player in cross-border payments. The firm stated:

“While old, SWIFT is still the messaging network of choice but is facing competition from card networks, blockchain solutions (Ripple), FinTechs (Airwallex, Nium, and Wise), and other banking networks.”

UAE growth

Meanwhile, the licensing move is part of Ripple’s broader strategy to grow its presence in the Middle East, having set up its regional headquarters in Dubai in 2020.

Ripple attributes its growth in the Middle East to the UAE’s regulatory clarity, which has fostered an environment where innovative crypto firms can flourish. The country’s regulatory framework also offers Ripple access to rapidly growing markets in Africa, South Asia, and other regions.

Ripple CEO Brad Garlinghouse emphasized the UAE’s leadership in financial technology, stating:

“With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”

Mentioned in this article

The strategy for the development of the metaverse was released today by the Dubai government.

Dubai: A $4 billion project

40,000 new jobs and $4 billion to the economy over the next five years is the goal of the emirate, where through a tweet Sheikh Hamdan bin Mohammed unveiled the “Dubai Metaverse strategy” nothing but a plan that aims to place the city of Dubai among the top 10 cities that will shape the future of emerging technology globally.

We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3

— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022

“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology”.

Dubai is already home to more than 1,000 companies present in the metaverse and blockchain sector; such companies contribute more than $500 million to the national economy. The “Dubai Metaverse strategy” aims to quintuple this number of companies.

Omar bin Al Olama, minister of state for artificial intelligence, was also present to comment on the launch, and he reiterated the importance of designing the future with new digital strategies to adapt the metaverse in vital sectors. He also added that the metaverse would lead the UAE and Dubai‘s efforts to provide innovative solutions and positively impact people’s lives.

The “Dubai Metaverse strategy” also aims to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations in the metaverse to accelerate the adoption of these technologies.

Metaverse: the global economy

The metaverse offers a number of economic opportunities globally. Real estate sales in the metaverse exceeded $500 million last year.

Analysts predict that the metaverse will contribute up to $5 trillion to the global economy by 2030, while the market value of NFTs is expected to reach $80 billion. Not to mention consumers, who are expected to make in-game purchases of $75 billion by 2025.

Recent studies also show that daily active users on Roblox, one of the leading Gaming platforms in the metaverse, have increased to $55 million.

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A few days ago, a 6-year-old girl named Lily spoke about her NFT project at the Israel Pavilion at Expo 2020 in Dubai.

Lily’s all-female NFT project brought to Dubai

The world of web 3.0 never ceases to surprise us and increasingly shows us that there are no “traditional” criteria and requirements to be part of this extraordinary revolution.

Lily, born in France, will be speaking at the Israeli Pavilion of the Dubai expo about her initiative entitled “NFT Women Financial Power”.

Lily’s project, dubbed “Rainbow Girls”, is an all-female one: the goal is to involve as many women as possible in the world of Non-Fungible Tokens and crypto.

The ultimate goal is to create the largest all-women NFT community.

This industry is unfortunately mainly made up of men and little Lily wants to try and change that by including and encouraging women to seize the great opportunities of this revolution.

Rainbow Girls is therefore a great project that wants to show that cryptocurrencies are not a boys club!

The young artist stated:

“I want to inspire all girls around the world by trying to increase our presence in the NFT environment. Thus bringing diversity to the market. I’m six years old and I want to change the world. But when I tell people that, they tell me – You are just a little girl. You have to wait! A child cannot change the world. 

Maybe I can’t change everything. But I know that every day is an opportunity for a little change! So, girls all over the world please join my journey, to be more mindful”.

An example to follow

With her tenacity and determination, Lily has proven once again that NFTs are for everyone and have no age or gender limits.

The goal this little artist is pursuing is beyond remarkable. Her project is designed to empower women in a whole new way. It is a project that uses all the tools we have available today to include women in these purely male contexts. 

The data speaks for itself: surveys show that less than 5% of women think they understand what the cryptocurrency market is. This means that most girls are being left behind by one of the most important wealth opportunities of our generation.

So to achieve true gender equality, we need to invite women to the opportunity board and give them the tools to understand the game.

Who are the Rainbow Girls

Rainbow Girls is a project that was born spontaneously from the mind and hand of Lily. Lily, born in 2016, drew all the NFTs by hand, which were then digitized to create a collection of 1000 NFTs.

Lily chose to represent this inclusive, all-female project through a rainbow, thus fulfilling her fantastic idea that all women are beautiful in all shapes and colours.

Lily’s NFTs thus represent global economic change in which all girls and women are welcome. It is the essence of a model of inclusiveness.

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