Circle Receives In-Principle Approval from Abu Dhabi Global Market (ADGM) to Operate as a Money Services Provider

​Circle, the issuer of the USDC and EURC stablecoins, has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a money services provider.

Circle, the issuing company of the USDC and EURC stablecoins, has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a money services provider. This will allow the company to expand its operations in the Middle East.

Commenting on the development, Circle’s CEO Jeremy Allaire stated that the approval “advances our strategy to establish deep roots in markets, like the UAE, where we observe the government actively encouraging innovation in the financial services industry.”

Earlier this year, Circle teamed up with Hub71 to support fintech and Web3 startups in setting up shop in Abu Dhabi’s capital. As part of the collaboration, Circle will be participating in the digital regulatory sandbox initiative at ADGM.

This partnership will also see Circle contribute to a new generation of startups through programs like "The Collective," startups accelerator, and "Scale Up," which provides support to high-growth companies. Moreover, Circle will be sharing its expertise with startups through workshops, mentorship programs, and networking events.

Towards the end of last year, Circle partnered with LuLu Financial Holdings to improve remittance and cross-border payment services using USDC, especially between the Middle East, Asia, and Europe. The partnership will also introduce new financial services and products to customers in various markets.

Earlier this year, Circle completed registration for the full scope of MiCA (Markets in Cryptoassets Regulation) and announced the launch of USDC in Japan through a partnership with SBI Holdings.

These developments come as no surprise considering Circle has been busy expanding its footprint in the Mena region. Back in May, the firm announced plans to expand into Saudi Arabia following the kingdom’s introduction of new regulations to govern cryptocurrency activity.

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