Reported by The Block: The move comes after USDC issuer Circle incorporated a legal entity within the ADGM in December 2024.
The Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) granted stablecoin issuer Circle in-principle approval to serve as a money services provider, according to a release shared with The Block.
The move comes after Circle incorporated a new legal entity within the ADGM in December 2024 to expand its global reach within the Middle East and Africa.
"The UAE is paving the way for responsible innovators to build the internet financial system," said Circle Co-Founder and CEO Jeremy Allaire in a statement shared with The Block. "This IPA from ADGM advances our strategy to establish deep roots in markets embracing the onchain economy, creating new pathways for investment and innovation in the region. 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."
In-principle approval means Circle has met the requirements to conduct financial business within ADGM but still awaits full regulatory approval. However, it could signal that full approval is near.
When Singapore's monetary authority granted Circle in-principle approval for a Major Payments Institution License in November 2022, Circle received the full license about seven months later to conduct select financial services in that country, The Block previously
reported
Circle issues the USD-pegged stablecoin USDC, which holds over 31% of the total Ethereum stablecoin supply as of April 28, according to The Block's Data Dashboard.
Abu Dhabi Global Market is a financial free zone within the capital of the United Arab Emirates, complete with its own regulatory system. The Financial Services Regulatory Authority serves as its regulator and licensing body.
As Circle expands its reach in the Middle East, the company also plans to go public after filing an initial public offering with the United States Securities and Exchange Commission earlier this month.
Stablecoins
