The Dubai Financial Services Authority (DFSA) has given the green light to Ripple's RLUSD stablecoin, officially recognizing it as a token under its crypto regulatory framework. This approval enables companies operating in the Dubai International Financial Centre (DIFC) to leverage RLUSD for a variety of virtual asset services, including payments and treasury management. The DIFC is a rapidly growing financial district that hosts nearly 7,000 registered businesses by the end of 2024.
Under the DFSA's crypto regulations, only sanctioned tokens like RLUSD can be utilized within the DIFC's regulated ecosystem. Ripple's managing director for the Middle East and Africa, Reece Merrick, noted significant interest from UAE businesses in crypto solutions. "The UAE’s digital economy is vibrant and incredibly dynamic. We’re seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions," Merrick said. Ripple is already collaborating with several local partners such as digital bank Zand and fintech platform Mamo, who are expected to adopt Ripple's payment services early on.
Furthermore, Ripple’s RLUSD stablecoin will be integrated into the Dubai Land Department’s (DLD) initiative for real estate tokenization. This project includes recording property title deeds on the XRP Ledger and aims to facilitate blockchain-based tokenization of real estate assets. The DLD recently initiated a pilot phase for this project.
Ripple's approval comes on the heels of its recent DFSA licensing, marking it as one of the few stablecoins globally recognized under both the DFSA's and the New York Department of Financial Services (NYDFS) regulatory regimes. Other stablecoins like USDC and EURC have also been recognized within the DIFC’s operational guidelines.
Under the DFSA's crypto regulations, only sanctioned tokens like RLUSD can be utilized within the DIFC's regulated ecosystem. Ripple's managing director for the Middle East and Africa, Reece Merrick, noted significant interest from UAE businesses in crypto solutions. "The UAE’s digital economy is vibrant and incredibly dynamic. We’re seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions," Merrick said. Ripple is already collaborating with several local partners such as digital bank Zand and fintech platform Mamo, who are expected to adopt Ripple's payment services early on.
Furthermore, Ripple’s RLUSD stablecoin will be integrated into the Dubai Land Department’s (DLD) initiative for real estate tokenization. This project includes recording property title deeds on the XRP Ledger and aims to facilitate blockchain-based tokenization of real estate assets. The DLD recently initiated a pilot phase for this project.
Ripple's approval comes on the heels of its recent DFSA licensing, marking it as one of the few stablecoins globally recognized under both the DFSA's and the New York Department of Financial Services (NYDFS) regulatory regimes. Other stablecoins like USDC and EURC have also been recognized within the DIFC’s operational guidelines.
