Circle gets Abu Dhabi regulatory nod to expand in Middle East

USDC stablecoin issuer Circle has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the company announced on April 29.The approval moves Circle closer to obtaining a full Financial Services Permission (FSP) license, allowing it to operate as a regulated money services provider in the United Arab Emirates, the firm said in an official press release.Jeremy Allaire, Circle’s Co-Founder and CEO, said the approval “advances our strategy to establish deep roots in markets embracing the onchain economy.” He added:“It also underscores Circle’s enduring commitment to global stablecoin oversight—strengthening trust, compliance, and adoption worldwide, while laying a resilient foundation for the internet financial system.”Comments from Circle CEO and Chief of Market Development at ADGM regarding the regulatory nod. Source: PR Related: Circle files for Initial Public Offering planned for AprilCircle partners with Hub71In addition to regulatory progress, Circle announced a partnership with Hub71, Abu Dhabi’s tech ecosystem. As part of the collaboration, the two firms plan to work together on projects within ADGM’s digital regulatory sandbox.Circle will also join Hub71’s digital assets group, sharing its experience with a community of more than 500 tech startups and investors.Circle’s flagship USDC token is the second-largest stablecoin in terms of market capitalization. As of now, there are $62.03 billion USDC (USDC) tokens in circulation, according to data from CoinMarketCap.Meanwhile, Circle has been pushing into new global markets amid rising interest in stablecoins.In July 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation.In Japan, Circle expanded its presence through a partnership with SBI Holdings. On March 26, 2025, SBI VC Trade, a subsidiary of SBI Holdings, launched USDC trading, making it the first stablecoin approved under Japan’s regulatory framework.Related: Circle executive denies claims of seeking US banking licenseUAE aims to position itself a major Web3 hubThe United Arab Emirates has been actively working to establish itself as a global Web3 hub, leveraging progressive regulation and strategic partnerships to attract leading digital asset firms.In August 2024, the country ranked third in a crypto adoption index released by Henley & Partners, an investment migration consultancy firm.On April 6, Dubai’s real estate and crypto regulatory authorities signed a new agreement aimed at expanding digital asset adoption in the real estate sector. The agreement will link Dubai’s real estate registry with property tokenization through a governance system. Magazine: Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this weekWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph