USDC stablecoin issuer Circle receives in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA)

The approval moves Circle closer to obtaining a full Financial Services Permission (FSP) license, allowing it to operate as a regulated money services provider in the United Arab Emirates

Financial technology firm Circle has reportedly received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) for a Financial Services Permission (FSP) license to operate a regulated money services provider.

Financial technology firm Circle has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) for a Financial Services Permission (FSP) license to operate as a regulated money services provider in the UAE, the company announced on April 29.

The move brings Circle a step closer to securing a full FSP license, which would enable it to provide its services in the country fully.

Announcing the development, Jeremy Allaire, Circle’s Co-Founder and CEO, said the approval "advances our strategy to establish deep roots in markets embracing the onchain economy."

"It also underscores Circle's enduring commitment to global stablecoin oversight—strengthening trust, compliance, and adoption worldwide, while laying a resilient foundation for the internet financial system," Allaire added.

In addition to regulatory progress, Circle also announced a partnership with Hub71, Abu Dhabi's tech ecosystem, to launch joint projects in ADGM's digital regulatory sandbox.

As part of the partnership, Circle will join Hub71's digital assets group, bringing its experience to a community of more than 500 tech startups and investors.

The two firms plan to collaborate on initiatives that foster innovation in digital assets and contribute to the development of the Web3 ecosystem within ADGM.

Circle's flagship USDC token is the second-largest stablecoin in terms of market capitalization. At press time, there are 62.03 billion USDC (USDC) tokens in circulation, according to data from CoinMarketCap.

The USDC stablecoin issuer has been expanding its presence in new global markets amid the burgeoning interest in stablecoins throughout the world.

In July 2024, Circle became the first global stablecoin issuer to achieve full compliance with the European Union's Markets in Crypto-Assets (MiCA) regulation.

In Japan, meanwhile, Circle expanded its presence through a partnership with SBI Holdings. On March 26, 2025, SBI VC Trade, a subsidiary of SBI Holdings, launched USDC trading, becoming the first to offer it following the approval of a stablecoin product under Japan's regulatory framework.