- In Abu Dhabi, the RLUSD is now regulated as a Fiat Referenced Token.
- In the capital, Abu Dhabi, stablecoins are legal.
Ripple’s USD-backed currency has received another regulatory approval. stablecoin. Abu Dhabi Financial Services Regulatory Authority has recognised RLUSD. “Accepted Fiat-Referenced Token”. The word “this” means: Ripple Stablecoin is legal in Abu Dhabi’s international financial center, Abu Dhabi capital, as well as the ADGM.
In a blog post, Ripple announced that the license requires authorized individuals to use the asset for regulated activities. But not only that. The use of Fiat Referenced Tokens must comply with all regulatory requirements.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins noted the rapid adoption of RLUSD among institutions. If this is the case, it could pave the way for the global adoption of digital currency while setting the stage for the following wave.
Reece Merrick Ripple Managing Director Middle East and Africa Reece Merrick also highlighted the fact that Ripple RLUSD is a stablecoin compliant with the most stringent standards for trust as well as transparency and utility.
“This recognition is yet another step forward for Ripple’s operations in the region, where we are experiencing surging interest in our products. We look forward to continuing to work with our partners and regulators to support the safe and rapid adoption of digital asset technology across the Middle East.”
Arvind RAMAMUTHY, Chief Market Development officer at ADGM and after congratulating the Blockchain company, clarified the fact that the regulatory environment of the region was designed in a way to encourage innovation and growth. Abu Dhabi is a country that has worked to establish itself as the leader in innovation and growth. “next generation of financial services and digital finance”.
Previous regulatory moves involving RLUSD
Before making this move, the Dubai Financial Services Authority had approved the RLUSD to function as a crypto-token and use it within the Dubai International Financial Centre. Ripple’s stablecoin was now reportedly allowed to be integrated into DFSA’s flagship payment solution.
Data from the market confirms that the adoption of stablecoins in the UAE is on the increase. By 2024, the number of stablecoin transactions across the region will have increased 55%. As detailed In our previous news bulletin, Ripple also secured an UAE custody agreement to tokenize Property titles in the XRP Ledger.
Ripple, with the recent development in Bahrain, has also sought to take advantage of the demand worldwide to expand the reach and use of RLUSD. Ripple has also formed a partnership with ABSA Bank in order to offer digital asset custody to South African clients. featured Our previous article. Mercy Corps Ventures, a Mercy Corps affiliate in Kenya, was established. earlier reported The word is “pilot testing RLUSD in a climate risk insurance project.”
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Source: www.crypto-news-flash.com
