Partner, Solicitorsjournal

Norton Rose Fulbright advises ripple on UAE entry

1 Oct 2024Announcements

Norton Rose Fulbright has assisted Ripple in securing approval to launch a regulated payment system in the UAE

Global law firm Norton Rose Fulbright has successfully guided Ripple in obtaining In Principle Approval (IPA) from the Dubai Financial Services Authority (DFSA) to operate a regulated crypto-enabled payments system within the Dubai International Financial Centre (DIFC). This marks Ripple's inaugural venture into the Middle East payments market.

As a prominent provider of digital asset infrastructure for financial services, Ripple is set to become the first DFSA-licensed blockchain-enabled payment services provider in the region. The company plans to utilise its innovative payment solution, Ripple Payments Direct, to enhance the efficiency of cross-border transactions for banks, payment providers, and other institutional clients, significantly reducing settlement times.

The Norton Rose Fulbright team that advised Ripple was led by partner Matthew Shanahan and counsel Andre Abou Aad, with valuable support from associate Hasanali Pirbhai.

Partner Matthew Shanahan expressed enthusiasm about the collaboration, stating, “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.”

Norton Rose Fulbright’s regional financial services and regulation team boasts a distinguished reputation, bolstered by two senior ex-regulators with over three decades of combined experience. The team is well-regarded for its expertise in advising FinTech firms, including crypto exchanges and digital asset service providers, on establishing and securing licensing in the UAE.

This milestone for Ripple signifies a significant step in the evolution of digital payment solutions in the Middle East, paving the way for enhanced financial services in the region.

Legal News desk contact: editorial@solicitorsjournal.com

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