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UAE Grants Circle Regulatory Approval as Money Services Provider

30 April 2025
in News
Reading Time: 3 mins read
108 1
Home News

The United Arab Emirates (UAE) has officially approved Circle, the issuer of the popular USD Coin (USDC) stablecoin, as a licensed money services provider. This regulatory greenlight comes from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the UAE’s leading international financial center.

Circle’s new license allows the company to offer a range of digital asset services within the UAE, including the issuance, redemption, and transfer of USDC. This marks a strategic milestone for Circle, which has been actively seeking regulatory clarity and global expansion. Circle’s CEO, Jeremy Allaire, highlighted the importance of the UAE as a forward-thinking jurisdiction, stating,

“The UAE is rapidly emerging as a global hub for digital assets and fintech innovation. This approval enables us to better serve businesses and developers in the region.”

The UAE has been positioning itself as a leader in the adoption and regulation of digital assets. The ADGM has established a robust regulatory framework to attract international fintech companies, aiming to balance innovation with investor protection. By granting Circle a license, the UAE demonstrates its commitment to fostering a safe and progressive digital economy.

Notably, Circle’s launch of the Circle Payments Network (CPN), a new global infrastructure designed to improve cross-border payments using regulated digital currencies like USDC and EURC. The network aims to address the slowness and high costs of traditional international transactions by facilitating real-time settlements among financial institutions. 

Circle’s approval is expected to boost confidence in the regional stablecoin market and encourage further adoption of blockchain-based financial services. USDC, one of the world’s largest stablecoins, is widely used for payments, remittances, and decentralized finance (DeFi) applications. The move could also pave the way for other global crypto firms to seek regulatory approval in the UAE.

This development follows a global trend, with jurisdictions like Singapore and Hong Kong also issuing licenses to major crypto companies. The UAE’s decision puts it at the forefront of digital asset regulation in the Middle East, reinforcing its status as a destination for fintech innovation.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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