Latest news with #DFSA
Tahawul Tech
16 hours ago
- Business
- Tahawul Tech
RLUSD approved by DFSA as recognised crypto token for use within DIFC
Ripple's RLUSD Stablecoin was approved by the DFSA for use in DIFC. Dubai — Ripple, the leader in enterprise blockchain and crypto solutions, announced that its stablecoin, RLUSD, has been approved as a recognised crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). This approval reinforces RLUSD's position as a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core. Alongside today's approval under the DFSA's crypto token regime, RLUSD is one of the few stablecoins globally to be issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. With stringent safeguards including 1:1 USD backing by high-quality liquid assets, strict reserve management and asset segregation, third-party audits, and clear redemption rights, RLUSD is designed to meet the highest expectations of both regulators and institutional users. 'The DFSA's approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency and utility,' said Jack McDonald, Senior Vice-President of Stablecoins at Ripple. 'With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive enterprise utility of blockchain technology across global markets, starting with cross-border payments.' Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for global enterprise utility, particularly in improving the speed, cost, and efficiency of cross-border payments. This recognition allows Ripple to integrate RLUSD into its DFSA–licensed flagship payments solution, combining the stability of a trusted digital dollar with a scalable, blockchain-based infrastructure and Ripple's extensive global payout network. This approval also enables other DFSA-licensed firms in the fast-growing DIFC to incorporate RLUSD into their virtual assets services. With almost 7,000 firms active at the end of 2024, this further supports the integration of high-quality stablecoins into Dubai's burgeoning digital assets and fintech ecosystem. Stablecoin adoption in the UAE is accelerating. According to market data, 2024 saw a 55% year-on-year increase in stablecoin transactions in the region, signalling strong demand for blockchain solutions that address the inefficiencies of traditional payment rails. With a $400 billion + market for international trade and one of the world's most progressive regulatory frameworks for digital assets, the UAE is well-positioned to become a global hub for stablecoin innovation and utility. 'The UAE continues to set a global benchmark for forward-thinking digital asset regulation and innovation,' said Reece Merrick, Managing Director Middle East and Africa (MEA) at Ripple. 'The DFSA's approval of RLUSD is yet another step forward for Ripple's operations in the region, and we're seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions. The UAE's digital economy is vibrant and incredibly dynamic, and we're looking forward to working with our regional partners, customers, and regulators to supercharge that growth.' RLUSD's recognition by the DFSA builds on Ripple's continued momentum in the region. Alongside the recent announcement of Zand Bank and Mamo as the first customers to adopt its regulated blockchain-enabled payments offering in the UAE, Ripple is also partnering with Ctrl Alt to support the Dubai Land Department's (DLD) pioneering Real Estate Tokenization Project, which will see real estate title deeds tokenized on the XRP Ledger.
Zawya
a day ago
- Business
- Zawya
The DFSA appoints Juma Thani Alhameli as new Chief Operating Officer
Dubai, United Arab Emirates: The Dubai Financial Services Authority (DFSA), the independent financial services regulator of the Dubai International Financial Centre (DIFC), is pleased to announce the appointment of Juma Thani Alhameli as Chief Operating Officer, effective 10 June 2025. Juma will also become a member of the DFSA Executive Committee. Juma brings more than 20 years of experience leading large-scale change and transformation programmes, driving performance and growth across the technology, financial services, and aviation sectors within the United Arab Emirates (UAE). Most recently, Juma was the Group Chief Technology Officer at First Abu Dhabi Bank, where he led the development and execution of the bank's technology vision and strategy. Prior to this, Juma spent a decade at Abu Dhabi Global Market in senior leadership roles, including as Chief Communications Officer and Chief Strategy & Business Development Officer. He served as a Board member of the Abu Dhabi Securities Exchange, and as the Chairperson of the Banking & Financial Services Working Group as part of the UAE's Economic Collaboration Committee. Earlier in his career, Juma held technology roles at the Dubai Civil Aviation Authority, Tanfeeth (Emirates NBD), and e& (Etisalat). Juma holds a Bachelor of Science in Computer Engineering from Khalifa University, Sharjah, UAE. Mark Steward, Chief Executive of the DFSA, said: 'The appointment of Juma as Chief Operating Officer comes at a pivotal time as we continue to advance our standing as a leading international financial services regulator. Juma's leadership and operational expertise will be instrumental in supporting our core mission – delivering robust, transparent, and forward-looking regulation so that the DFSA remains a benchmark of excellence, both regionally and globally. I look forward to working closely with Juma to advance our strategic priorities and deliver lasting impact.' Juma Thani Alhameli, Chief Operating Officer-designate of the DFSA, said: 'I am honoured to join the DFSA and to lead its operational agenda at a time of opportunity and ambition across the region's financial sector. I look forward to the next chapter of the DFSA's journey, working with the talented team, and to further the DFSA's work in delivering regulatory excellence and innovation while contributing to the continued growth of the DIFC, Dubai, and the UAE as a leading financial hub.' Juma's appointment underscores the DFSA's commitment to advancing regulatory excellence and innovation, ensuring that the organisation continues to contribute to the development of the financial services ecosystem within the DIFC, as well as Dubai's and the UAE's overarching vision of being a global leader in innovation and sustainable economic growth. For further information, please contact: Corporate Communications Dubai Financial Services Authority (DFSA) Level 13, The Gate, West Wing Dubai, UAE Tel: +971 (0)4 362 1500 Email: DFSAcorpcomms@
Yahoo
2 days ago
- Business
- Yahoo
Ripple's latest regulatory nod sends XRP on a rally
Ripple's latest regulatory nod sends XRP on a rally originally appeared on TheStreet. The Dubai Financial Services Authority (DFSA) has recognized the blockchain and crypto payments firm Ripple's RLUSD stablecoin as a crypto token for use within the Dubai International Financial Centre (DIFC), the firm announced on June 3. The DFSA is the financial regulatory body that oversees DIFC, Dubai's special economic zone. Introduced in December 2024, Ripple's RLUSD is a stablecoin, which is a type of cryptocurrency that, unlike usually volatile cryptocurrencies such as Bitcoin, maintains a stable value . A stablecoin is usually pegged to a fiat currency like the U.S. dollar or a commodity like gold. RLUSD, for instance, is pegged to the USD, which means that for every RLUSD token, there is a corresponding amount of U.S. dollars held in reserves. Ripple says its stablecoin, built for faster and cost-efficient cross-border payments, is primarily geared towards global institutions instead of retail customers. Ripple's Senior Vice President of Stablecoins, Jack McDonald, said: The DFSA's approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency and utility. The Dubai authority's nod allows Ripple to integrate its stablecoin into its DFSA-licensed payments solution. Other DFSA-licensed enterprises in Dubai's financial hub — nearly 7,000 firms at the end of 2024 — can also incorporate RLUSD into their crypto services. Notably, Ripple had already secured DFSA's approval on 13 March to offer regulated crypto payment services in the DIFC. The latest announcement sent XRP rising modestly from $2.18 to $2.22 at press time, as per Kraken's price feed. With a market cap of $130 billion, XRP is the fourth-largest cryptocurrency. Ripple's latest regulatory nod sends XRP on a rally first appeared on TheStreet on Jun 3, 2025 This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
2 days ago
- Business
- Finextra
Ripple's RLUSD stablecoin approved for use in the DIFC
Ripple, the leader in enterprise blockchain and crypto solutions, today announced that its stablecoin, RLUSD, has been approved as a recognised crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). 0 This approval reinforces RLUSD's position as a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core. Alongside today's approval under the DFSA's crypto token regime, RLUSD is one of the few stablecoins globally to be issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. With stringent safeguards including 1:1 USD backing by high-quality liquid assets, strict reserve management and asset segregation, third-party audits and clear redemption rights, RLUSD is designed to meet the highest expectations of both regulators and institutional users. 'The DFSA's approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency and utility,' said Jack McDonald, Senior Vice President of Stablecoins at Ripple. 'With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive institutional use of blockchain technology across global markets, starting with cross-border payments.' This recognition allows Ripple to integrate RLUSD into its DFSA-licensed flagship payments solution, combining the stability of a trusted digital dollar with a scalable, blockchain-based infrastructure and Ripple's extensive global payout network. Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for global enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. The approval also enables other DFSA-licensed firms in the fast-growing DIFC to incorporate RLUSD into their virtual assets services. With almost 7,000 firms active at the end of 2024, this further supports the integration of high-quality stablecoins into Dubai's burgeoning digital assets and fintech ecosystem. Stablecoin adoption in the UAE is accelerating. According to market data, 2024 saw a 55% year-on-year increase in stablecoin transactions in the region, signalling strong demand for blockchain solutions that address the inefficiencies of traditional payment rails. With a $400BN+ market for international trade and one of the world's most progressive regulatory frameworks for digital assets, the UAE is well-positioned to become a global hub for stablecoin innovation and utility. 'The UAE continues to set a global benchmark for forward-thinking digital asset regulation and innovation,' said Reece Merrick, Managing Director Middle East and Africa (MEA) at Ripple. 'The DFSA's approval of RLUSD is yet another step forward for Ripple's operations in the region, and we're seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions. The UAE's digital economy is vibrant and incredibly dynamic, and we're looking forward to working with our regional partners, customers and regulators to supercharge that growth.' RLUSD's recognition by the DFSA builds on Ripple's continued momentum in the region. Alongside the recent announcement of Zand Bank and Mamo as the first customers to adopt its regulated blockchain-enabled payments offering in the UAE, Ripple is also partnering with Ctrl Alt to support the Dubai Land Department's (DLD) pioneering Real Estate Tokenization Project, which will see real estate title deeds tokenized on the XRP Ledger.
Zawya
2 days ago
- Business
- Zawya
RLUSD approved by Dubai Financial Services Authority as recognised crypto token
Dubai, UAE: Ripple, the leader in enterprise blockchain and crypto solutions, today announced that its stablecoin, RLUSD, has been approved as a recognised crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). This approval reinforces RLUSD's position as a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core. Alongside today's approval under the DFSA's crypto token regime, RLUSD is one of the few stablecoins globally to be issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. With stringent safeguards including 1:1 USD backing by high-quality liquid assets, strict reserve management and asset segregation, third-party audits and clear redemption rights, RLUSD is designed to meet the highest expectations of both regulators and institutional users. 'The DFSA's approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency and utility,' said Jack McDonald, Senior Vice President of Stablecoins at Ripple. 'With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive enterprise utility of blockchain technology across global markets, starting with cross-border payments.' Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for global enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. This recognition allows Ripple to integrate RLUSD into its DFSA-licensed flagship payments solution, combining the stability of a trusted digital dollar with a scalable, blockchain-based infrastructure and Ripple's extensive global payout network. This approval also enables other DFSA-licensed firms in the fast-growing DIFC to incorporate RLUSD into their virtual assets services. With almost 7,000 firms active at the end of 2024, this further supports the integration of high-quality stablecoins into Dubai's burgeoning digital assets and fintech ecosystem. Stablecoin adoption in the UAE is accelerating. According to market data, 2024 saw a 55% year-on-year increase in stablecoin transactions in the region, signalling strong demand for blockchain solutions that address the inefficiencies of traditional payment rails. With a $400BN+ market for international trade and one of the world's most progressive regulatory frameworks for digital assets, the UAE is well-positioned to become a global hub for stablecoin innovation and utility. 'The UAE continues to set a global benchmark for forward-thinking digital asset regulation and innovation,' said Reece Merrick, Managing Director Middle East and Africa (MEA) at Ripple. 'The DFSA's approval of RLUSD is yet another step forward for Ripple's operations in the region, and we're seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions. The UAE's digital economy is vibrant and incredibly dynamic, and we're looking forward to working with our regional partners, customers and regulators to supercharge that growth.' RLUSD's recognition by the DFSA builds on Ripple's continued momentum in the region. Alongside the recent announcement of Zand Bank and Mamo as the first customers to adopt its regulated blockchain-enabled payments offering in the UAE, Ripple is also partnering with Ctrl Alt to support the Dubai Land Department's (DLD) pioneering Real Estate Tokenization Project, which will see real estate title deeds tokenized on the XRP Ledger. Media Contact Celine Cheung press@ About Ripple Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple's solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple's payments, custody and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world tokenizes, stores, exchanges, and moves value.
