Circle (CRCL), the company behind the $78 billion stablecoin said on Tuesday that it has secured a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM), giving the company a formal foothold in the UAE’s regulated crypto ecosystem.
The licence, issued by the ADGM’s Financial Services Regulatory Authority (FSRA), allows Circle to operate as a Money Services Provider within the financial free zone following provisional approval in April.
Alongside the approval, the company also appointed Dr. Saeeda Jaffar to lead operations in the Middle East and Africa as CEO, who joined from payment processing giant Visa, the company said.
The license opens the door for the company to offer its USDC stablecoin in business payments, settlements and other financial use cases across the UAE. The regulatory nod follows Circle’s recognition in Dubai earlier this year, when USDC and its euro-backed counterpart EURC were registered under the Dubai Financial Services Authority’s crypto regime.
The UAE emerged as a key global hub for regulated digital asset companies. Circle’s approval comes just a day after crypto giant Binance obtained licenses from Abu Dhabi’s Financial Services Regulatory Authority for exchange, clearing and brokerage operations.
Stablecoins like USDC are increasingly becoming part of the global financial system as regulatory roadblocks are put in place for the fast-growing, $300 billion asset class. Their popularity is increasing as tools for cross-border payments, especially in regions where access to traditional banking infrastructure is limited or expensive.
