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Ripple Receives DFSA License, Expands in UAE’s Crypto Market

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  • Ripple becomes the first blockchain payments provider licensed by DFSA in the UAE.
  • Middle East now holds 20% of Ripple’s global customer base.
  • Ripple plans to leverage new UK crypto regulations for further growth.

Ripple has become the first blockchain payment service provider to receive a license from the Dubai Financial Services Authority (DFSA). The license enables Ripple to offer its services across the UAE markets. This license strengthens Ripple’s position as a leader in the Middle East’s crypto market.

The DFSA license enables Ripple to provide its Ripple Payments service to UAE businesses. The company intends to deliver fast and transparent cross-border payments to meet the increased demand for digital asset solutions. Ripple has seen substantial growth in the Middle East market. Approximately 20% of Ripple’s users are located in the Middle East.

The Middle East is the seventh-largest crypto economy in the world. Ripple started its expansion in the Middle East market when it established its Dubai office in 2020. The region’s favorable regulatory frameworks, tech-savvy population, and increased institutional interest have propelled Ripple’s growth.

Ripple Pushes RLUSD Stablecoin Adoption in Middle East

Ripple’s UAE license comes as the company continues to advance the adoption of digital assets across the world. The company has launched products such as stablecoins, custody services and payment solutions to improve the region’s digital asset space . These products facilitate seamless payments as well as strengthen Ripple’s position as a leader in the digital payment industry.

The Middle East has seen a substantial increase in confidence in digital assets. About 85% of finance and enterprise businesses are more confident in digital assets compared to six months ago. Moreover, 97% of businesses believe that digital assets will be important to their businesses in the three years.

Ripple recently launched the RLUSD stablecoin  in the  Middle East market. Ripple’s RLUSD stablecoin facilitates secure payments and DeFi projects. Ripple’s innovation and regulatory compliance in digital assets has attracted  40% of regional enterprises to digital asset custody services.

Ripple’s Expansion In The UK Market

Additionally, Ripple intends to expand its operations to the UK market, which promises high potential for growth. The UK government has developed favorable crypto regulations, which could boost Ripple’s expansion. Ripple has established its London office and intends to leverage the friendly crypto regulations. Ripple believes clear digital asset regulations could position the UK as a global crypto hub.

Ripple’s approach demonstrates its dedication to becoming a major player in the global crypto industry. The company continues to explore new opportunities across regions that have favorable regulations for blockchain and digital assets.

Related Reading | Kraken Launches Ambitious Crypto Derivatives in UK, Targets Institutions and Eligible Clients

Sonic Labs Drops USD Algorithmic Stablecoin Plans, Eyes UAE Dirham Launch

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  • Sonic Labs shifts focus to a UAE dirham-backed stablecoin, avoiding algorithmic risks.
  • The UAE’s digital dirham rollout in 2025 influences Sonic Labs’ new stablecoin strategy.
  • Regulatory concerns led Sonic Labs to abandon USD stablecoin and opt for UAE dirham.

The blockchain technology firm Sonic Labs dropped its US dollar stablecoin initiative to focus on developing a stablecoin linked to the United Arab Emirates dirham. Sonic Labs revealed its business shift on March 28, 2025 which coincides with the UAE’s forthcoming digital dirham launch in late 2025. 

Co-founder Andre Cronje confirmed this pivot on X by explaining that U.S. regulatory obstacles led to their decision. This strategic shift demonstrates the general trend of cryptocurrency organizations adapting their operations based on changes in worldwide financial law enforcement.

A week earlier the USD-based stablecoin with an annual percentage rate ranging from 19% to 23% was unveiled. However, he quickly reversed course, stating, “We will no longer release a USD-based algorithmic stablecoin.” Instead, Sonic Labs will introduce a “mathematically bound numerical Dirham” settled in USD. The UAE plans to introduce its blockchain-based central bank digital currency (CBDC) while experiencing a positive environment for dirham-backed digital assets.

UAE’s Digital Dirham Sparks Industry Shift

Governor Khaled Mohamed Balama of the UAE’s Central Bank plans to release its digital dirham currency during the fourth quarter of 2025. According to the Khaleej Times, the director of the Central Bank of the UAE explained how the blockchain-powered currency strengthens financial stability and tackles financial crimes. 

To extend its reach, the digital dirham will operate parallel with physical cash in every payment channel. The development has prompted companies like Sonic Labs to align with their offerings with the UAE’s progressive stance on digital finance.

Furthermore, Sonic Labs decided to enter the stablecoin market in response to UAE stablecoin regulation for 2024 which allows AED-backed stablecoins to be accepted as payment methods for goods and services. The authority at the Central Bank restricts algorithmic stablecoins while letting firms create innovative solutions under specific regulations. Tether and Zand Digital Bank joined the expansion of dirham-based stablecoin options in the region indicating an upward trend for digital currencies that use the dirham currency.

Regulatory Hurdles Reshape Stablecoin Landscape

The transition from USD-based algorithmic stablecoins occurred because of increasing regulatory oversight in the United States and Europe. Lawmakers in the US continue developing STABLE Act legislation that limits algorithmic stablecoins for two years while enforcing issuers to maintain 1:1 reserve ratios. The European Union enacted the MiCA regulations to ban stablecoin models after Terra collapse depleted billions in 2022. Sonic Labs chose a different strategy to avoid regulatory barriers by creating a stable and regulatory-compliant platform.

Moreover, Cronje’s dirham-based stablecoin solves the problems of algorithmic designs by using mathematical principles to establish its value instead of market algorithms. The strategy combines regulatory adherence to upcoming guidelines with support for UAE crypto-friendly policies.

Sandbox Dubai Financial Services Authority Welcomes Firms to Tokenization Initiative

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  • The DFSA has launched a Tokenization Regulatory Sandbox, inviting firms to apply by April 24, 2025.
  • Part of the DFSA’s Innovation Testing License (ITL) program, the sandbox aims to foster fintech growth in Dubai.
  • This move reinforces Dubai’s ambition to lead in blockchain and tokenization, alongside broader UAE crypto adoption.

The Dubai Financial Services Authority (DFSA) has made a major step towards promoting the tokenization industry by calling on businesses to show interest in becoming a member of its Tokenization Regulatory Sandbox. The application deadline expires on April 24, 2025, offering a unique chance for businesses to experiment with tokenized financial services under the umbrella of regulation.

Announced on March 17, the DFSA’s initiative is aimed at firms developing tokenized investment products and services. As an independent regulator overseeing the Dubai International Financial Centre (DIFC), the DFSA seeks to provide a controlled environment where companies can test financial solutions with real-world applications. This sandbox initiative marks a crucial milestone in Dubai’s commitment to digital finance innovation.

Announced on March 17th, the DFSA’s Sandbox initiative focuses on businesses that are building tokenized financial products and services. As an independent regulator of the Dubai International Financial Centre (DIFC), the DFSA’s goal is to provide a sandbox where businesses can test financial solutions with real-world applications. This sandbox initiative marks an important step towards Dubai’s drive towards finance innovation through digitization.

Tokenization, the process by which real-world assets (RWA) are tokenized on blockchains, has expanded at an accelerating pace globally. According to figures supplied by Rwa.xyz, the market value of the RWA tokenization market currently stands at approximately $18.86 billion. The industry has recorded an increase in the number of users by over 5% in the past month alone, a sign that the popularity of blockchain-based financial solutions continues to rise.

What the DFSA’s Sandbox Offers

The sandbox regime shall offer structured testing for entities that are interested in issuing tokenized equities, bonds, sukuk, and units in collective investment schemes. It shall be available to both existing DFSA-authorized entities that are interested in diversification towards tokenization as well as potential new applicants who meet the eligibility criteria as per the regulator.

Applications for the scheme will be available from the 17th of March until April. Companies will be assessed based on their business models, regulation-compliance approaches, and ability to contribute to the system of digital finance during the selection process. The successful applicants will be offered individualized regulatory guidance and structured testing in a controlled environment.

This forms part of the DFSA’s wider Innovation Testing License (ITL) scheme, which exists to assist fintech companies in perfecting their products prior to receiving complete authorization. The action reflects Dubai’s desire to solidify its position as a world leader in the fields of blockchain and tokenization.

The UAE’s Expanding Crypto and Blockchain Ecosystem

Dubai’s commitment to fintech is also evident through new regulatory licenses and accommodating policies towards the blockchain. This month, Ripple received a cross-border payment license, the leading payment provider based on the blockchain to gain regulatory approval within Dubai’s financial center. The approval marks a turning point towards the mainstreaming of payments using the blockchain technology

Aside from Dubai, Abu Dhabi too is advancing on the front of crypto acceptance by incorporating stablecoins in its financial system. The addition of Tether’s USDT for institutions indicates the increased acceptance of digital assets in the financial system of the UAE.

In addition, top players in the space, Coinbase and Chainlink, have joined a cooperative initiative that aims to accelerate the use of crypto in the region on an institutional level. Their collaboration highlights the increasing significance of blockchain technology in changing the conventional finance system.

Related | Today Technical Analysis: XRP Bears in Control? Key Support at $2.10 Faces Intense Pressure 

Crypto.com Secures VARA Limited License to Offer Derivatives in UAE

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  • Crypto.com secures VARA license to offer derivatives in the UAE.
  • Tawasal partnership brings Crypto.com’s services to 4M users.
  • Crypto.com plans to offer futures, CFDs, and perpetual swaps.

Crypto.com has obtained a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) which allows the company to provide derivatives products in the UAE market. The new license enables the company to extend its operations across the region through its established Virtual Asset Service Providers (VASP) license. This development allows the exchange to offer products such as futures, perpetual swap contracts and Contracts for Difference (CFDs).

Crypto.com Obtains VARA License

The license represents Crypto.com’s continued effort to expand its business operations. The derivatives products will become available first to eligible institutions across the global market. The products will later become available for qualified investors. Standard Chartered Bank allows Crypto.com retail users to deposit and withdraw USD through its platform.

The partnership between Crypto.com and UAE-based Tawasal strengthens the exchange’s expansion in the Middle East. Tawasal plans to promote the exchange across its local and regional network of partners in the Middle East. Moreover, the collaboration between Tawasal’s Superapp and the exchange enables its 4 million users to trade cryptocurrencies.

The president of Crypto.com UAE, Mohammed Al-Hakim recognizes the increased importance of cryptocurrencies in the region. Al-Hakim projects that digital assets may surpass traditional currencies as the primary payment method in everyday use within two years. As the first Emirati CEO for Crypto.com in the UAE he brings essential leadership to strengthen the company’s market position.

Global Expansion Strategy

This new limited license allows Crypto.com to expand its derivative products to global markets. The exchange has achieved various regulatory milestones in the UAE since its first VASP license in November 2023. In April 2024 the company received full operational authorization and in August 2024 the exchange launched its retail services through Standard Chartered.

The UAE market plays an important role for Crypto.com as the company expands its business operations across the world. These new derivatives trading options offer advanced products to institutions and qualified investors. The company has chosen its UAE entity to distribute these products as part of its expansion strategy in the region.

Eric Anziani, Crypto.com’s President and COO, announced the company’s continued development to serve global users with their financial requirements. The company plans to achieve additional product releases and regulatory approvals as part of its 2025 roadmap. The limited license enables the exchange to extend its financial instruments to users across the world.

Crypto.com’s strategic initiatives support its mission to establish the firm as a leader in the digital asset market. The company aims to seize the opportunity of rising crypto adoption in the UAE through its service expansion. The cooperation with Tawasal and the new license are crucial to realize the company’s growth objectives.

SHIBA INU vs. ETH, LINK, TON: 61% Whale Concentration

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  • Shiba Inu’s top 10 wallets hold 61.3% of its supply, raising volatility concerns.
  • High concentration gives significant price influence to a small group of holders.
  • More evenly distributed supply, like Ethereum’s, is generally seen as healthier.

Shiba Inu’s fate rests in the hands of just ten individuals. A closer look at its token distribution reveals a potential cause for concern. As per Santiment data, 61.3% of the SHIB supply is held by the top 10 wallets, raising concerns about potential market volatility. This level of concentration is significantly higher than that of other major cryptocurrencies, such as Ethereum (46.1%), Chainlink (33.1%), and Toncoin (32.8%).

The concentration of supply in a few hands raises red flags of potential market manipulation and the impact on smaller investors due to the actions of a selected few. These whales possess a significant influence on these large holders. Should they decide to sell a significant portion of their holdings, it could lead to a sharp drop in SHIB’s price, adversely affecting retail investors.

Shiba Inu
SHIBA INU vs. ETH, LINK, TON: 61% Whale Concentration 2

Conversely, continued holding or accumulation by these large wallets can signal confidence in the project, potentially benefiting smaller traders who rely on the behavior of these key stakeholders. Experts advocate for a more evenly distributed supply, similar to that of Ethereum, Chainlink, or Toncoin, which can contribute to greater long-term price stability.

A lower concentration prevents any single entity’s actions on the market, fostering trust and predictability among investors. Decentralized ownership structures are typically favored for their resistance to manipulation and their contribution to a healthier, more balanced market.

Shiba Inu Lands UAE Partnership, Eyes Latin America

While such a concentration of ownership raises red flags about potential market manipulation and the vulnerability of smaller investors, it could also simply mean early adopter enthusiasm. The long-term implications remain to be seen.

Recently, the popular meme coin partnered with the UAE’s Ministry of Energy and Infrastructure (MoEI) marking the first time a government entity in the region has aligned with a crypto project. The initiative aims to enhance energy, infrastructure, and digital governance using Shiba Inu’s blockchain technology.

Now, Shiba Inu’s Shibarium upgrade is creating a lot of buzz, with rumors circulating about potential interest from several Latin American nations. While the specifics are not yet known, the possibility of Latin American adoption highlights the growing global interest in blockchain solutions and the potential for the layer-2 to play a significant role in the evolving digital landscape. Further announcements are expected as discussions progress.

Malaysia PM Pushes for Crypto Policy After Meeting with Binance’s CZ, UAE Leaders

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  • Malaysia PM seeks crypto policy boost after strategic UAE, Binance talks.
  • Anwar Ibrahim proposes new crypto regulations following UAE, Binance meetings.
  • Malaysia to overhaul financial system with crypto policy from UAE insights.

Prime Minister of Malaysia, Datuk Seri Anwar Ibrahim, has initiated a debate on possible cryptocurrency rules intended to enhance the country’s financial sector. Following a three-day official visit in Abu Dhabi, he disclosed that he held meetings with the authorities of the United Arab Emirates (UAE) and Changpeng “CZ” Zhao, the co-founder of Binance. This meeting centered on cryptocurrencies, blockchain technology, and the potential for digital financial innovations.

Ibrahim stressed the importance of Malaysia embracing policies favorable to international financial systems. He referred to the shift as  “a radical departure from the old ways,” suggesting that he wants to adopt modern digital financial systems. The discussions also included topics on data centers and artificial intelligence which are digital transformations of the economy.

Collaborating with UAE to Develop Crypto Policies

The Prime Minister said the country plans to engage with the UAE authorities to help shape Malaysia’s approach to crypto regulation. He stated that the UAE can help Malaysia establish policies regarding the cryptocurrency industry. The UAE’s growth in the sector puts it in a vantage position to help navigate the difficulties of adopting cryptocurrency.

Ibrahim’s call for reform clearly indicates that the financial sector needs to move with the trends being adopted worldwide. He noted that digital finance, like AI, can revolutionize potential innovation in the financial world, and Malaysia should not miss the opportunity to be among the pioneers. Moreover he directed several government departments and agencies, such as the Treasury, Securities Commission, and Bank Negara Malaysia, to study integrating cryptocurrencies into the existing system.

Challenges and Government Plans for Implementation

Malaysia is still drafting policies related to digital assets. The government acknowledges the issues connected with the industry’s development. Ibrahim explained that further discussions and research will be conducted before any policy change is made. The Malaysian government has realized that personnel training, expertise development, and the involvement of industry stakeholders will play a vital role in implementing these regulations.

He also stressed the importance of protecting the interests of the Malaysian people by preventing financial leakages and creating regulations that will protect investors. The government aims to draft a policy paper on digital assets and bring it before the cabinet for ratification. When the policy is finalized, it will be an important step toward including digital assets in Malaysia’s financial system.

In December 2023, the Malaysia’s Securities Commission blocked Bybit, a leading crypto exchange, for conducting its activities without the required permit. This action showed the country’s intention to regulate digital assets activities and ensure a secure platform for investors.

XRP Investors Alerted: 2 Massive False Reports on India-UAE Trade

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A prominent voice in the crypto community recently exposed misleading content targeting XRP investors. Eri, a respected XRP community figure and host of one of the top crypto YouTube channels in 2024, called out certain crypto publications for repeatedly publishing deceptive reports. According to Eri, these outlets are preying on the token community by pushing narratives that encourage investments in questionable tokens like CFT.

In a series of posts on X (formerly Twitter), Eri highlighted a pattern in which reports claim that the United Arab Emirates (UAE) and India are using XRP for oil trading, replacing the U.S. dollar. This narrative, she pointed out, has been circulating for over three years without credible evidence. Eri’s critique stemmed from an article published just yesterday, which she believes was another attempt to mislead the community and push CFT tokens.

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Eri argued that both this recent article and a similar piece from last year were promotional content disguised as news, specifically targeting XRP enthusiasts. Her concerns were echoed by other members of the crypto community, who voiced frustration over the impact of such misinformation. One user noted that these tactics damage XRP’s reputation and create an unsafe environment for investors.

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In another post on August 6, Eri exposed a different sponsored article falsely claiming that JPMorgan had begun accepting XRP for credit card and mortgage payments. She emphasized that this was another misleading attempt to boost engagement and draw readers toward specific tokens.

Fact Check: Is India Using XRP for Oil Deals?

The Crypto Basic conducted an investigation into the widely circulated claim that India purchased oil from the UAE using XRP. Their findings debunked the story. The deal was executed in local currencies, not the token. The confusion arose because the transaction was processed through the XRP Ledger, which offers CFT tokens as cashback rewards.

Several media outlets amplified the misleading story, failing to provide key details like transaction dates and financial values. In reality, India made its first rupee-based oil payment to the UAE in July 2023, according to Business Standard.

Misinformation campaigns like these highlight the need for caution in the crypto space, where deceptive narratives can quickly spread, targeting unsuspecting investors.

UAE Adopts Cardano For Global Security

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Cardano has scored a major milestone as one of the world’s wealthiest nations, the UAE, embraces the smart contract network for real-world applications. Marking a transformative leap into widespread adoption, the UAE has now integrated the blockchain to enhance the security of its criminal investigations. The groundbreaking revelation was unveiled at the recently held World Police Summit.

Spearheaded by the Dubai Police, the Cardano-based pilot project showcased how sensitive data from criminal investigations can be shared securely with international authorities such as Interpol. An example: Scans of bullets in concrete done by a highly sophisticated scanner are shared among global stakeholders on the Cardano blockchain.

Cardano
UAE Adopts Cardano For Global Security 6

The blockchain ensures that the data is not tampered with and can be tracked among various stakeholders This is an ideal use case for blockchain & Cardano. Ensuring data can be securely shared and managed in a decentralized network is becoming more and more relevant in industries ranging from energy, and defense to IoT. I expect to see more deployments of our protocol in real-world applications and at an accelerated rate.

This real-world application by one of the world’s economic powerhouses serves as a testament to the versatility and reliability of Cardano in ensuring data security and integrity.

Continuing its rapid strides, the leading PoS network has posted a surge in the number of ADA wallets, highlighting the burgeoning interest in the network. According to data from IntoTheBlock, wallets holding between 0 and 10 ADA have increased by 1.06% over the last month, which may indicate a growth in the number of newbie investors.

Cardano Wallets Growth & Key Priorities

A similar number of ADA wallets has been observed by Cardano Blockchain Insights, showing a jump of 89% from 1,706 on February 22 to 3,227 on February 23. While the pace of wallet growth has slowed since that peak, the positive momentum in overall platform addresses remains.

While the wallets’ growth has captured attention, community commitment has taken center stage. As a prominent ADA contributor, Rick McCracken outlines three pivotal priorities for the ADA community: This strategic move aligns with the platform’s overarching goal of sustainable growth.

Crypto Collaboration: Standard Chartered and SBI Set to Infuse $100 Million in UAE’s Blockchain Scene

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SC Ventures, the investment arm of Standard Chartered, and SBI Holdings have revealed their intentions to establish a $100 million cryptocurrency enterprise, described as a “Digital Asset Joint Venture investment company,” in the United Arab Emirates (UAE). The collaboration is set to focus on investments in areas such as DeFi, tokenization, consumer payments, and the Metaverse. The announcement highlights that Standard Chartered had previously signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre in May, aiming for cooperative efforts in the digital asset realm, including digital asset custody.

Additionally, during the same month, the bank’s investment arm divested its stake in Metaco, a Ripple-owned crypto firm. Metaco has since partnered with HSBC to provide storage solutions for the bank’s upcoming custody services. The recent move by Standard Chartered and SBI Holdings signifies another significant stride in advancing the cryptocurrency industry in the UAE.

According to Yoshitaka Kitao, CEO of SBI Holdings, ‘We are thrilled to announce our partnership to establish a Digital Asset Joint Venture in UAE together with SC Ventures and bring to bear the collective capabilities of both our organizations in the digital asset space.’

Crypto Power Play: Assessing the UAE’s Claim to Global Hub Status

The UAE has swiftly emerged as one of the most rapidly growing centers for cryptocurrencies globally. Its clearly outlined rules and regulations have attracted major players in the digital asset industry. Alex Manson, CEO of SC Ventures, highlighted the region’s status as a fintech hub in the digital asset sector, attributing it to the robust infrastructure and talent pool.

Manson expressed the firm’s intention to extend its presence in the region, emphasizing that such expansion is part of several strategic initiatives aimed at continuous investment and growth within the digital assets ecosystem.

Crypto Mining Hardware Firm Phoenix Technology Plans UAE IPO

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In a recent mainstream media report, it was revealed that Phoenix Technology, a prominent crypto mining hardware provider, is making significant strides towards going public in Abu Dhabi, UAE.

According to a report by Bloomberg, the UAE-based company is currently engaged in discussions to conduct an initial public offering (IPO) within the United Arab Emirates. While details are yet to be finalized, anonymous sources cited in the Bloomberg report have confirmed that discussions are underway.

Phoenix Technology has gained recognition as a major player in the crypto mining industry, and their latest move to explore the IPO route is garnering considerable attention. The company is already in the process of developing one of the largest mining facilities in the entire Middle East region. Moreover, their distribution rights for various tech hardware manufacturers extend across the Middle East, Africa, and Türkiye.

Local media reached out to Phoenix Technology for comments on their IPO plans, but an immediate response was not received, leaving many eager to learn more about the company’s vision and objectives behind this strategic move.

The UAE has solidified its position as one of the world’s most crypto-friendly jurisdictions, consistently seeking to provide regulatory clarity and support to the digital asset industry. The establishment of the Dubai Virtual Asset Regulatory Authority (VARA) is a testament to the country’s commitment to fostering a thriving digital assets ecosystem. Additionally, within the UAE, the emirate of Ras Al Khaimah (RAK) has taken a step further by creating the RAK Digital Assets Oasis, known as RAK DAO, to create a crypto-focused free trade zone.

Crypto Industry Lauds UAE’s Business-Friendly Infrastructure

Local digital assets players in the UAE laud the country’s business-friendly infrastructure, especially in comparison to the regulatory complexities often faced by businesses in the United States. Saqr Ereiqat, the executive of Crypto Oasis, expressed in a media interview that the streamlined regulatory frameworks in the UAE are a boon for crypto ventures, distinguishing it from the fragmented regulatory environment in the United States.

However, despite the UAE’s overall positive stance on digital assets, its regulators maintain strict compliance requirements. Failing to meet these deadlines can result in penalties and license suspensions, as evidenced by the recent case of BitOasis. VARA suspended the operating license of BitOasis, one of the country’s largest local crypto exchanges, on July 11. The exchange faced consequences for failing to submit the required mandates within the stipulated timeframe.

As Phoenix Technology continues its journey towards a potential IPO, the spotlight remains on the UAE’s crypto landscape. The industry eagerly awaits further developments, anticipating how this IPO could propel Phoenix Technology and the broader crypto ecosystem forward within the UAE and beyond.