Hassan Maishera
TL;DR
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Circle has received in-principle regulatory approval from Abu Dhabi Global Market's Financial Services Regulatory Authority.
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The license would allow Circle to expand its operations in the Middle East.
Circle Receives Approval in Abu Dhabi
Circle, one of the leading stablecoin issuers, announced that it has received in-principle regulatory approval from Abu Dhabi. This latest development will pave the way for Circle’s expansion across the Middle East.
Abu Dhabi Global Market (ADGM)’s Financial Services Regulatory Authority (FSRA) granted Circle the preliminary approval to operate as a money services provider, edging closer to a full license after incorporating in the financial hub last December.
Circle CEO Jeremy Allaire stated that the approval advances the company’s strategy to establish deep roots in markets embracing the onchain economy, creating new pathways for investment and innovation in the region.
Circle also announced a partnership with Hub71, Abu Dhabi's tech ecosystem. Hub71 houses initiatives in ADGM’s digital regulatory sandbox, grants to startup founders, and offers access to institutional networks.
This latest development comes as Circle continues to intensify efforts to become a publicly-listed company in the United States. Circle’s USDC is currently the second-largest stablecoin, with a market cap above $62 billion.
Stablecoins are recording excellent growth in the crypto space and have become crucial in the blockchain-based economy. They are widely used for cryptocurrency trading and are also gaining adoption for payments and remittances as a cheaper and faster alternative to traditional banking systems.
