Circle, a leading global financial technology firm, has taken a significant step to strengthen its presence in the Middle East and Africa. By securing a Financial Services Permission (FSP) license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), Circle can now operate as a Money Services Provider in the United Arab Emirates (UAE).
Regulatory Entry into the UAE
The announcement, made during Abu Dhabi Finance Week, highlights Circle’s strategic commitment to providing compliant and transparent digital financial services. This move also builds on the recognition of Circle’s stablecoins, USDC and EURC, as the first compliant stablecoins approved by the Dubai International Financial Centre (DIFC).
Jeremy Allaire, Circle’s Co-Founder and CEO, emphasized the importance of regulatory clarity in fostering trust within the digital finance sector. He stated, “Regulatory clarity is the foundation of a more open and efficient internet financial system. This milestone allows us to align with the UAE’s vision for responsible innovation in digital assets.”
Strategic Leadership for Regional Growth
To spearhead its regional operations, Circle has appointed Dr. Saeeda Jaffar as Managing Director for the Middle East & Africa. Dr. Jaffar’s expertise, honed from her role as Senior Vice President and Group Country Manager at Visa in the Gulf Cooperation Council (GCC), is expected to drive the adoption of digital dollars and strengthen partnerships across the UAE and the broader MEA region.
Dr. Jaffar’s key responsibilities include enhancing institutional collaboration and accelerating the use of stablecoins for payments and enterprise applications. Her appointment underlines Circle’s commitment to fostering trust and collaboration in the rapidly evolving digital finance landscape.
Enabling Stablecoin Innovation
The FSP license enables Circle to expand its ecosystem of regulated payment and settlement solutions, making its stablecoins USDC and EURC available for businesses, developers, and financial institutions. These efforts align with the UAE’s mission to develop a scalable and secure digital financial system that fosters innovation responsibly.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, stated, “Circle’s regulatory-first approach aligns seamlessly with the UAE’s commitment to advancing a safe and scalable adoption of digital assets.”
Supporting Digital Finance Evolution
Circle’s collaborative efforts with the FSRA in ADGM set a high benchmark for transparency, risk management, and consumer protection. By fostering a compliant and efficient ecosystem for on-chain payments, Circle is helping shape the future of regulated digital finance in the UAE.
This major milestone not only reinforces Circle’s capabilities in offering blockchain-powered payment solutions but also supports businesses and developers on a global scale. For instance, tech-savvy businesses can integrate Circle’s stablecoins into their payment systems, embracing the future of seamless and secure financial transactions.
Product Highlight: Circle USDC
If your business is exploring cutting-edge, compliant digital payment solutions, Circle’s USD Coin (USDC) is the perfect choice. Designed for stability and transparency, USDC offers a powerful alternative for global transactions. Learn more about USDC here.
