🔖 Circle Gets Green Light from Abu Dhabi Regulator, Edges Closer to Full License 🚨🇦🇪

Stablecoin issuer Circle has secured preliminary approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

The nod moves Circle a step closer to securing a full operating license in the United Arab Emirates, the firm announced Monday.

If granted, the Financial Services Permission (FSP) would allow Circle to function as a licensed money services business in the UAE. In a statement, Circle CEO Jeremy Allaire described the move as part of the company’s broader push to strengthen its presence in jurisdictions embracing blockchain-based finance.

Alongside the regulatory development, Circle also revealed a new partnership with Hub71, Abu Dhabi’s startup and tech accelerator. The collaboration will focus on joint projects within ADGM’s digital sandbox, a platform for experimenting with financial technologies. Circle will also become part of Hub71’s digital assets group, which includes over 500 startups and investors.

USDC, Circle’s flagship token, is the world’s second-largest stablecoin with more than $62 billion in circulation, according to CoinMarketCap.

The company has been expanding internationally in recent months. In July 2024, Circle became the first stablecoin issuer to comply with the EU’s MiCA crypto rules. It also entered Japan through a partnership with SBI Holdings, with USDC trading beginning in March under Japan’s regulatory framework.

The UAE, meanwhile, continues to promote itself as a hub for digital finance and Web3 technology. Last year, it ranked third in Henley & Partners’ global crypto adoption index. Earlier this month, Dubai’s regulators signed an agreement to integrate tokenized assets into the real estate market, linking property registries to blockchain platforms.

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