Circle Receives In-Principle Approval from Abu Dhabi Regulators
Circle Internet Financial, issuer of the USDC stablecoin, has received in-principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) to operate as a money services provider. This approval confirms compliance with regulatory requirements, enabling financial operations in the region.
Key Points
- The full regulatory approval from ADGM is pending and may take weeks or months.
- Circle aims to establish itself in markets fostering the onchain economy and innovation.
- Circle was the first stablecoin issuer to comply with the EU’s Markets in Crypto Assets (MiCA) regulation.
- The company incorporated a legal entity within ADGM to expand its presence in the Middle East and Africa.
- Circle is focusing on enhancing financial inclusion through stablecoin infrastructure without disrupting existing payment systems.
- In February, Circle received approval from the Dubai Financial Services Authority to offer USDC and EURC as regulated digital assets in Dubai.
- Partnerships include collaboration with Hub71, Abu Dhabi’s tech ecosystem, to drive digital asset innovation.