Circle Secures Important Approval in Abu Dhabi as UAE Enhances Regulation of Digital Assets

Circle's Expansion in the UAE: Circle has received a Financial Services Permission license to operate as a financial service provider in the Abu Dhabi International Financial Center, allowing it to conduct stablecoin activities as a Money Services Provider.

Leadership Appointment: Saeeda Jaffar has been appointed as managing director for Circle's operations in the Middle East and Africa, focusing on expanding partnerships for USDC adoption.

Growing Crypto Presence in Abu Dhabi: Circle joins other major crypto companies like Tether and Binance, which have also secured regulatory approvals in Abu Dhabi, indicating a rise in licensed digital asset firms in the region.

UAE's Regulatory Developments: The Central Bank of the UAE is tightening oversight of the crypto sector, introducing new licensing requirements for decentralized finance and Web3 services, while also removing value-added tax on cryptocurrency transactions.