Source: Cointelegraph
Original: “Ripple Launches Cross-Border Blockchain Payments in the UAE”
Ripple, the creator of the cryptocurrency XRP, has launched a cross-border blockchain payment service in the United Arab Emirates (UAE). This strategic move is expected to promote the wider adoption of cryptocurrency in this country, which has a positive and open attitude towards digital assets.
According to an official announcement from Ripple on May 19, Zand Bank, the UAE's first fully digital bank, and Mamo, a fintech company providing enterprise-level digital payment platforms, will become the main partners and application institutions for this blockchain payment system.
Zand Bank and Mamo will use "Ripple Payments" to facilitate cross-border blockchain payments.
Ripple Payments is a platform that integrates stablecoins, cryptocurrencies, and fiat currencies, aimed at achieving payments and rapid settlements, which is a key feature of Web3. Traditional cross-border financial payment systems often struggle to achieve this. In March of this year, Ripple obtained a cryptocurrency payment service license granted by the Dubai Financial Services Authority (DFSA).
Reece Merrick, Managing Director of Ripple Middle East and Africa, stated that obtaining this license "enables Ripple to more effectively meet the market's demand for solutions to the inefficiencies of traditional cross-border payments, including high fees, lengthy settlement times, and lack of transparency, especially in one of the world's largest cross-border payment hubs."
According to a 2024 report released by blockchain data analytics firm Chainalysis, the UAE ranks 56th in cryptocurrency adoption among 151 countries worldwide. The country has shown strong performance in decentralized finance, stablecoin usage, and altcoins.
The UAE has implemented several reforms that are expected to further enhance its ranking. Several emirates, including Abu Dhabi and Dubai, are actively working to establish themselves as cryptocurrency hubs.
In December 2024, Tether's USDT became the officially recognized virtual asset in Abu Dhabi. By 2025, Circle's USDC and EURC are expected to be among the first recognized stablecoins under the emirate's cryptocurrency regulatory framework.
Additionally, the country continues to advance its digital dirham initiative, which will become its central bank digital currency.
On May 19, the Dubai Virtual Assets Regulatory Authority (VARA) announced strengthened regulations on cryptocurrency activities, particularly targeting margin trading and token distribution. The regulatory body will set a 30-day transition period, requiring affected companies to complete compliance adjustments by June 19.
Related: U.S. Cryptocurrency Fund Inflows to Exceed $7.5 Billion by 2025, Investor Enthusiasm High
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