Circle (CRCL), the company behind the $78 billion stablecoin said on Tuesday that it has obtained a Financial Services Permit (FSP) license from the Abu Dhabi Global Market (ADGM), giving the company a formal foothold in the UAE’s regulated crypto ecosystem.
The license, issued by ADGM’s Financial Services Regulatory Authority (FSRA), allows Circle to operate as a money services provider within the financial free zone, following preliminary approval in April.
In addition to the approval, the firm also appointed Dr. Saeeda Jaffar to lead operations in the Middle East and Africa region as CEO, coming from payment processing giant Visa, the company said.
The license opens the door for the company to offer its USDC stablecoin in merchant payments, settlements and other financial use cases in the UAE. The regulatory nod follows Circle’s recognition in Dubai earlier this year, where USDC and its euro-backed counterpart EURC were registered under the Dubai Financial Services Authority’s crypto regime.
The United Arab Emirates 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 the Abu Dhabi Financial Services Regulatory Authority for exchange, clearing and brokerage operations.
Stablecoins like USDC are increasingly becoming part of the global financial system as regulatory barriers are put in place for the fast-growing $300 billion asset class. Their popularity is increasing as tools for cross-border payments, particularly in regions where access to traditional banking infrastructure is limited or expensive.
