Circle (CRCL), the organization responsible for the $78 billion stablecoin , announced on Tuesday that it has obtained a Financial Services Permission (FSP) license from Abu Dhabi Global Market (ADGM), granting the company a formal entry into the regulated crypto landscape of the United Arab Emirates.
The license, granted by ADGM’s Financial Services Regulatory Authority (FSRA), permits Circle to function as a Money Services Provider within the financial free zone, following initial approval received in April.
In conjunction with the approval, the firm has appointed Dr. Saeeda Jaffar as managing director to oversee operations in the Middle East and Africa region, coming from the payments processing leader Visa, the company has stated.
This license enables Circle to offer its USDC stablecoin in business payments, settlements, and various financial applications throughout the UAE. The regulatory endorsement arrives after Circle’s recognition in Dubai this year, where USDC and its euro-backed counterpart EURC were registered under the crypto regime of the Dubai Financial Services Authority.
The UAE has positioned itself as a crucial global hub for regulated digital asset enterprises. Circle’s approval comes just a day after crypto giant Binance secured licenses from Abu Dhabi’s Financial Services Regulatory Authority for exchange, clearing, and brokerage activities.
Stablecoins like USDC are increasingly integrating into the global financial system as regulatory frameworks begin to solidify for this rapidly growing, $300 billion asset class. Their usage is expanding as effective tools for cross-border payments, especially in areas with limited or expensive access to traditional banking services.
