The approval allows the stablecoin issuer to expand its presence in the United Arab Emirates.
USDC News
USDC issuer Circle has received regulatory approval to operate as a financial service provider in Abu Dhabi's international financial center. The license enables the company to function as a Money Services Provider within the jurisdiction.
Circle Internet Group announced Tuesday it obtained a Financial Services Permission license from the Financial Services Regulatory Authority of Abu Dhabi Global Market. The approval allows the stablecoin issuer to expand its presence in the United Arab Emirates.
The company appointed Saeeda Jaffar as managing director for Circle Middle East and Africa. Jaffar previously served as senior vice president and group country manager for the Gulf Operation Council at Visa.
Circle co-founder and CEO Jeremy Allaire stated the regulatory framework establishes high standards for transparency, risk management, and consumer protection. He noted these requirements are necessary for trusted stablecoins to support payments and finance at scale.
Abu Dhabi Global Market has recently approved multiple crypto companies for operations. USDT, the largest stablecoin by circulation, secured regulatory recognition in the financial center earlier this week. Ripple's dollar-pegged stablecoin received approval for institutional use in late November.
Exchange platform Binance was granted three separate licenses from Abu Dhabi's regulator on Monday. The approvals cover exchange, clearing house, and broker-dealer services. Competitor Bybit received regulatory approval in the UAE in early October.
The Central Bank of the UAE introduced rules for decentralized finance and Web3 platforms in November. Federal Decree Law No. 6 of 2025 brings DeFi platforms under regulatory scope if they enable payments, exchange, lending, custody, or investment services. Licenses are now required for these operations.
Local crypto lawyer Irina Heaver stated that DeFi projects can no longer avoid regulation by claiming they are simply code. The UAE exempted cryptocurrency transfers and conversions from value-added tax in October 2024, while Dubai's digital asset regulator announced stricter rules on crypto marketing in September.
Dubai's Virtual Assets Regulatory Authority issued fines and cease-and-desist orders to seven unlicensed crypto businesses as part of enforcement efforts.
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