On December 9, Circle Web Group acquired approval from the Monetary Providers Regulatory Authority (FSRA) at Abu Dhabi World Market to function as a licensed Cash Providers Supplier within the Abu Dhabi Worldwide Monetary Centre.
This license offers Circle with the regulatory basis to develop its operations throughout the UAE inside a proper framework. The event comes as regulators within the UAE proceed to strengthen guidelines for digital property and stablecoins.
Together with the license, Circle named Dr. Saeeda Jaffar as Managing Director for its Center East & Africa operations. Dr. Jaffar beforehand labored at Visa and held senior management roles throughout the Gulf area.
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She’s going to lead the corporate’s regional plans to construct connections with monetary establishments and different companies, and assist ship on-chain digital greenback options throughout the UAE and past.
The CEO of Circle, Jeremy Allaire, highlighted the regulator’s requirements for transparency, danger administration, and shopper safety. He famous these options are important for making stablecoins reliable instruments for funds and finance at scale.
This license builds on earlier recognition within the UAE of stablecoins equivalent to USDC
$0.9989
 and EURC inside Dubai’s monetary regulatory framework.
It additionally follows prior approvals for rivals equivalent to Tether’s USDT
$0.9990
and Ripple’s XRP
$2.08
at ADGM.
Just lately, Binance’s world platform, Binance.com, additionally acquired FSRA approval to function below a regulated framework via licensed entities. What did the FSRA say? Learn the total story.
