The Dubai Financial Services Authority (DFSA), the financial regulatory body responsible for the Dubai International Financial Centre (DIFC), has officially approved Ripple's RLUSD stablecoin.
With this approval, businesses within the DIFC can now use the RLUSD stablecoin for a variety of virtual asset services. These services include payments, fund management, and related financial services.
The DIFC, as a free economic zone and financial hub, provides comprehensive services for businesses in the Middle East, Africa, and South Asia. By the end of 2024, this financial district has attracted nearly 7,000 registered companies.
According to the DIFC's cryptocurrency regulatory framework, only tokens approved by the DFSA can be legally used within the regulated ecosystem of the region.
Ripple noted that interest in crypto solutions among UAE businesses is growing. "The digital economy in the UAE is vibrant and dynamic," said Reece Merrick, Managing Director for the Middle East and Africa at Ripple.
"We are seeing significant interest from businesses of all sizes in cross-border payments and digital asset custody solutions," Merrick further added.
Ripple revealed that the company is collaborating with several local partners, including digital bank Zand and fintech platform Mamo, which are expected to be among the first adopters of the company's regulated payment services.
Additionally, Ripple announced that RLUSD will support the real estate tokenization initiative of the Dubai Land Department. The company stated that the project will record property deed information on the XRP ledger.
On March 19 of this year, the Dubai Land Department (DLD) announced the launch of the pilot phase of its real estate tokenization project. The project aims to establish a registered entity for implementing blockchain-based property deed tokenization.
The approval of the RLUSD stablecoin marks another significant advancement following Ripple's recent acquisition of DFSA licensing. On March 13, the company announced that it had obtained a full license to operate in the DIFC.
RLUSD is one of the few stablecoins globally to simultaneously receive approval under the DFSA's cryptocurrency token regulatory framework and the New York Department of Financial Services (NYDFS) trust company charter. This stablecoin was approved by NYDFS on December 10.
In addition to the RLUSD stablecoin, the DFSA has also recognized the stablecoins USDC and EURC issued by Circle and approved their use within the DIFC free economic zone.
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Original: “Dubai Regulator Approves Ripple's RLUSD Stablecoin”
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