Dubai crypto ambitions soar with Solana and Ripple moves

Dubai is cementing its role as a leading crypto-friendly hub through strategic collaborations with major blockchain firms.

On June 3, financial authorities in the region announced different initiatives with Solana and Ripple to build on earlier efforts to integrate digital assets into its economy.

These moves further position Dubai as a global center for blockchain innovation and align with the UAE’s broader ambition of driving digital transformation across industries.

Solana partners with Dubai’s VARA

The Solana Foundation, the non-profit organization behind the high-flying Solana network, has signed a memorandum of understanding with Dubai’s Virtual Assets Regulatory Authority (VARA).

This agreement is designed to promote collaboration between blockchain developers and local regulators.

Under the deal, both parties will organize educational events, build talent pipelines, and share insights on blockchain’s economic impact.

The initiative also includes support for the Dubai Solana Economic Zone, a new hub to drive local Web3 innovation.

Alex Scott of the Solana Superteam UAE emphasized the partnership’s significance. He said the agreement with VARA confirms that Solana’s ecosystem is contributing to Dubai’s digital future in an objective and measurable way.

Ripple RLUSD gets approval from the DFSA

At the same time, Ripple also secured a significant win as its US dollar-backed stablecoin, RLUSD, has been approved by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC).

RLUSD, issued under a New York Trust Company license, is now one of the few stablecoins with both US and international regulatory recognition.

With this approval, Ripple plans to integrate RLUSD into its DFSA-licensed payment platform. The move would also allow other DFSA-regulated firms to use RLUSD in their services. As of late 2024, around 7000 firms held DFSA licenses.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said interest in digital asset payments and custody is growing fast across the region. He added:

“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.”

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