Operasional

#Circle obtained Approval #Operasional at #AbuDhabi for #USDC

The issuer of the USDC stablecoin, Circle, has received approval from the Abu Dhabi Global Market (ADGM) Regulator to operate as a financial services provider in the United Arab Emirates (UAE). This approval allows Circle to offer services related to stablecoins and digital payments in the region, strengthening its expansion in the Middle East.

Approval Details:
- Regulatory Authority: Financial Services Regulatory Authority (FSRA) at ADGM.
- License: Circle obtained a license as a Payment Service Provider.
- Services: Issuance, redemption, and transfer of USDC, as well as stablecoin-based payment solutions.

Implications:
1. Adoption of USDC in the Middle East – Expanding the use of USDC in cross-border transactions and DeFi in #UEA .
2. Relationship with Local Regulators
– Circle collaborates with UAE authorities to ensure compliance with crypto asset regulations.
3. Competition with Other Stablecoins
– This move strengthens USDC's position against competitors like USDT (Tether) and local stablecoins (e.g., AED₮ from RAK Digital Assets).

Next Steps:
Circle plans to build digital asset infrastructure in the UAE, including support for CBDC (Central Bank Digital Currency) and integration with local banking systems.

This is part of Circle's global strategy after previously obtaining licenses in #Singapore and #Europe. The UAE continues to be a hub for crypto innovation, attracting companies like #Binance and #crypto.com.