Dubai regulator greenlights Ripple's stablecoin RLUSD.
The Dubai Financial Services Authority approved the use of Ripple's stablecoin RLUSD in the DIFC free economic zone.
The Dubai Financial Services Authority (DFSA), the financial regulatory body in charge of the Dubai International Financial Centre (DIFC), has approved Ripple's stablecoin RLUSD.
Following the approval, companies in the DIFC can now use the stablecoin RLUSD for various virtual asset services. These may include payments, treasury management, and services.
The DIFC is a free economic zone and a financial district serving businesses from the Middle East, Africa, and South Asia. By the end of 2024, the financial zone had nearly 7,000 registered companies.
According to the DIFC's regulatory framework regarding cryptocurrencies, only tokens recognized by the DFSA can be used in the regulated ecosystem of the district.
🔸Ripple observes a "huge interest" from companies in the UAE✨✨
Ripple stated that companies in the UAE are increasingly interested in cryptocurrency solutions. "The UAE's digital economy is vibrant and incredibly dynamic," said Reece Merrick, Ripple's CEO for the Middle East and Africa.
"We are observing a huge interest from companies of all sizes in cross-border payment and digital asset custody solutions," added Merrick.
Ripple stated that it is working with several local partners, including the digital bank Zand and the fintech platform Mamo, which are expected to be the first to adopt the company’s regulated payment services.
Additionally, Ripple stated that RLUSD will support the Dubai Land Department's real estate tokenization initiative. The company claimed that the project will record property deeds on the XRP Ledger.
On March 19, the Dubai Land Department (DLD) announced that it had initiated the pilot phase of its real estate tokenization project. The project aims to be a registry entity that implements blockchain-based tokenization in property titles.
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