The Dubai Financial Services Authority (DFSA), the financial regulator in charge of the Dubai International Financial Center (DIFC), approved Ripple’s RLUSD Stablecoin.
Following the approved, DIFC companies can now use RLUSD Stablecoin for various virtual asset services. This may include Treasury’s payments, management and services.
The DIFC is a free economic zone and financial district that serves companies across the Middle East, Africa and South Asia. The financial zone is about 7,000 registered businesses by the end of 2024.
Under the DIFC crypto framework, only tokens recognized by DFSA can be used throughout the district ecosystem.
Ripple saw “great interest” from UAE businesses
Ripple said UAE businesses are growing interested in crypto solutions. “The UAE’s digital economy is vibrant and incompatible -believed to be a change -new,” said Reece Merrick, managing the Ripple director for the Middle East and Africa.
“We find great interest from businesses of all sizes for cross-border payments and digital asset custody solutions,” Merrick added.
Ripple said it is working with several local partners, including digital bank Zand and Fintech platform Mamo, who is expected to early adopters of regulated company payment services.
In addition, Ripple said RLUSD will support the Dubai Land Department’s tokenization initiative. The company said the project would record titles made of XRP Ledger.
On March 19, the Dubai Land Department (DLD) announced that it had Pilot phase started of its real-estate tokenization project. The project aims to become a registration entity that implements blockchain-based tokenization in property title works.
Related: Gov’t Dubai agencies to llink real estate enrollment with tokenization of possession
Ripple expands global operation
RLUSD Stablecoin approved compliance with Ripple’s recent DFSA licensing. On March 13, the company said it had received a full license to operate on DIFC.
RLUSD is among several stablecoins worldwide approved under the DFSA’s Crypto Token regime and the Charter of the New York Department of Financial Department (NYDFS). On December 10, the NYDFS Stablecoin was approved.
Apart from Rlusd Stablecoin, DFSA is recognized circle released stablecoins USDC (USDC) and EURC (EURC) and approved their use of the DIFC Free Economic Zone.
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