Norton Rose Fulbright advises Ripple on entry into UAE market

Norton Rose Fulbright has advised Ripple on obtaining its In Principle Approval (IPA) from the Dubai Financial Services Authority (DFSA) to operate a regulated crypto-enabled payments system in the Dubai International Financial Centre (DIFC), marking Ripple’s first step into the Middle East payments market.

Ripple, a leading provider of digital asset infrastructure for financial services, will be the first DFSA-licensed blockchain-enabled payment services provider.

Ripple will use its crypto-enabled payment system, Ripple Payments Direct, to cut settlement times for its bank, payment provider and other institutional clients making cross-border payments.

The Norton Rose Fulbright team advising on the project was led by partner Matthew Shanahan and counsel Andre Abou Aad, with support from associate Hasanali Pirbhai.

Partner Matthew 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.”