Circle obtains ADGM license to offer regulated stablecoin services in UAE.
- Circle receives ADGM license to operate regulated stablecoin services.
- Significant step for USDC in UAE’s financial sector.
- Enhances UAE’s position as a cross-border payment hub.
Circle has received a Financial Services Permission from the Abu Dhabi Global Market, allowing it to offer regulated stablecoin services in the UAE.
This development significantly boosts Circle’s position in the stablecoin market, enhancing fiat-referenced digital currency adoption and expanding regulatory compliance in the Middle East region.
Circle obtains a Financial Services Permission from Abu Dhabi Global Market, enabling regulated stablecoin services in the UAE.
This move strengthens UAE’s regulatory environment for stablecoins, positioning it as a key player in cross-border finance.
Circle’s Regulatory Breakthrough with ADGM License
Circle has secured a Financial Services Permission from Abu Dhabi Global Market (ADGM), marking a strategic regulatory win for USDC. This step allows Circle to offer regulated stablecoin services.
The involvement of Circle Internet Financial and ADGM’s FSRA highlights regulatory trust. Jeremy Allaire and Dr. Saeeda Jaffar play pivotal roles in the UAE expansion plans.
License Boosts UAE’s Financial Confidence in USDC
This license is poised to enhance institutional confidence in stablecoins, particularly USDC, within UAE’s financial landscape. It may lead to increased cross-border transaction volumes.
The move is likely to boost the UAE’s reputation as a financial hub, impacting banking and payment partnerships in the region. The strategic positioning of USDC could affect global stablecoin dynamics. As noted by Jeremy Allaire, Co-Founder & CEO, Circle, “What we see with UAE in particular, and then obviously with ADGM as a regulatory regime, is this is becoming a central hub in cross‑border finance, in cross‑border transactions.” – Bloomberg
2018 USDC Precedent Paves Way for New Milestones
Comparatively, ADGM’s earlier recognition of USDC in 2018 set a precedent. This recent license builds on the 2018 milestone by establishing regulated infrastructure.
Experts anticipate increased fiat on/off-ramps in the UAE, driven by stablecoin adoption, enhancing cross-border financial activities and impacting UAE’s global financial role.
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