Circle can now provide money services in Abu Dhabi
Circle said has got an In-Principal Approval (IPA) from the Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA) to conduct money services.
This is a step toward obtaining a Financial Services Permission (FSP) under the ADGM's regulatory framework, supporting the company's MEA compliance efforts, according to official documents.
Circle co-founder and CEO Jeremy Allaire said the UAE allows responsible innovators to construct the “Internet financial system”. He added that Circle's newest regional success advances its ambition to dominate on-chain economy areas.
Allaire stressed the company's dedication to worldwide stablecoin governance, trust, compliance, and acceptance. He also emphasized Circle's Internet finance system resilience measures.
ADGM Ecosystem Contribution by Circle
Arvind Ramamurthy, ADGM's Chief of Market Development, also spoke at the current event, underlining Circle's contribution to the dynamic ecosystem:
Stablecoin credibility worldwide
He was excited to work with Circle as it expanded to encourage UAE digital money adoption.
Circle's Chief Strategy Officer and Head of Global Policy and Operations, Dante Disparte, said the company's recent success shows how trusted infrastructure built on compliance and transparency can promote safe stablecoin adoption worldwide.
Circle announced a strategic partnership with Hub71, Abu Dhabi's global digital ecosystem, to boost crypto innovation, according to the press release.
Examine ADGM's digital regulatory sandbox initiatives.
Give founders grants and institutional networks
Hackathons, workshops, and mentorship programmes can expedite financial innovation.
Hub71's Digital Assets ecosystem, with over 500 tech startups and VC partners, will include Circle.
Ahmad Ali Alwan, Hub71's CEO, said this agreement makes Abu Dhabi a worldwide FinTech and crypto hub, while Circle's experience would strengthen the ecosystem, enabling digital financial infrastructure acceptance and Web3 evolution.
