Circle secures in-principle regulatory approval from ADGM's FSRA
ABU DHABI, UAE – Circle Internet Group, Inc., a global financial technology company and stablecoin market leader, today announced it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a money services provider.
This IPA marks a significant step towards Circle securing a Financial Services Permission (FSP) under ADGM's progressive regulatory framework, and reinforces the company's commitment to enabling compliant innovation in digital finance throughout the Middle East and Africa (MEA). This milestone follows Circle's incorporation in ADGM in December 2024 and builds on its expanding presence across the UAE.
'The UAE is paving the way for responsible innovators to build the internet financial system,' said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. '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.'
'We are excited about Circle's contribution to ADGM's dynamic ecosystem leveraging their regulatory-first approach, commitment to innovation, and global credibility in the stablecoin space' said Arvind Ramamurthy, Chief of Market Development at ADGM. 'Their presence aligns with ADGM's position as a hub for innovation, offering a robust regulatory environment for the growth of next-generation financial services. We look forward to working with Circle as they expand their operations and contribute to the advancement of digital finance in the UAE.'
'Circle's IPA from ADGM represents more than a regional milestone—it is a global signal that regulatory clarity and innovation can, and must, coexist.' said Dante Disparte, Chief Strategy Officer & Head of Global Policy and Operations at Circle. ' As forward-looking jurisdictions like the UAE establish clear pathways for digital finance, Circle continues to demonstrate how trusted infrastructure, built on rigorous compliance and transparency, can advance the safe adoption of stablecoins worldwide. This moment reinforces our belief that regulation is not a constraint on innovation, but its most powerful catalyst.'
Circle also announced a strategic collaboration with Hub71, Abu Dhabi's global tech ecosystem, to strengthen innovation within the digital assets space. Circle and Hub71 will explore initiatives around ADGM's digital regulatory sandbox, offering founders access to grants, institutional networks, and opportunities to accelerate fintech innovation through hackathons, educational workshops, and mentorship programs. As part of the collaboration, Circle will join Hub71's Digital Assets specialist ecosystem, contributing its global expertise to a community of more than 500 tech startups and venture capital partners.
"Our collaboration with Circle underscores our commitment to positioning Abu Dhabi as a global hub for FinTech and digital assets.' said Ahmad Ali Alwan, CEO of Hub71 'Circle's expertise will enrich our digital assets ecosystem, providing Hub71 founders with greater access to resources, mentorship, and growth opportunities. Through this partnership, we are enabling the adoption of leading digital financial infrastructure that supports startup growth and drives the evolution of Web3 and digital finance from Abu Dhabi."
About Circle Internet Group, Inc.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Circle is building the world's largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations.
Learn more at https://circle.com
Media Contact
Zara Gleasure
zara.gleasure@circle.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
7 hours ago
- Gulf Business
Abu Dhabi: ADGM assets under management show 33% YoY rise in Q1
Image: ADGM Abu Dhabi Global Market (ADGM) has recorded a strong start to 2025, posting significant year-on-year growth across its ecosystem in Q1, as investor confidence and international interest in the UAE capital's financial centre remain high. Backed by major regulatory developments, global engagement and jurisdictional expansion, 'ADGM's Q1 2025 performance marks the beginning of another landmark year,' said Ahmed Jasim Al Zaabi, chairman of ADGM. 'This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions. 'ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors.' At a glance: ADGM's key growth areas in Q1 Assets under management (AUM): AUM grew 33 per cent from Q1 2024. A total of 119 fund and asset managers now manage 184 funds. Licences: The number of new licences issued increased by 67 per cent year-on-year. Entities: Operational entities surged 43 per cent to 2,781. Financial services entities rose 26 per cent to 367. Workforce: More than 29,000 people are now employed on Al Maryah Island, up 17 per cent from the previous year. Work permits: 3,509 new work permits were issued for businesses establishing on Al Reem Island. Expanded international presence and strategic engagements In January, an ADGM delegation attended iConnections Global Alts in Miami, held bilateral meetings in New York and Washington, and joined a panel titled 'Abu Dhabi: The Capital of Capital'. In February, ADGM participated in a high-level UAE-China delegation led by ADDED, supporting efforts to deepen bilateral economic ties. In April, ADGM conducted nearly 30 strategic meetings in Japan with institutions focused on private banking, wealth management and family businesses. Al Reem Island integration and new incentives More than 600 new businesses established on Al Reem Island and 500 existing firms migrated to ADGM licensing during Q1. ADGM revised its fee structure in January, slashing commercial licence fees by 50 per cent or more for non-financial and retail businesses. A flat licence fee of Dhs1,000 was introduced to boost SME access. Digital and blockchain developments In March, ADGM signed an MoU with Chainlink to enable compliant tokenisation frameworks. Stacks Asia and Bitgrit joined ADGM under its DLT Foundations framework. ADGM launched an all-in-one mobile app offering compliance tools, licence renewals and regulatory updates. A new digital real estate platform was introduced, enabling fully virtual sale and purchase transactions. Read: Focus on sustainable finance The Abu Dhabi Sustainable Finance Declaration reached 170 signatories, including Aquila Capital, Century Financial, Oryx Global Partners, PwC and Olive Gaea. The initiative continues to promote ESG integration in the region's financial sector. Human capital and UAE National empowerment ADGM Academy created 800 job placements for UAE Nationals across nine career tracks. Signed strategic MoUs with Arab Youth and the Federal Tax Authority to support upskilling in technology and finance. Published six research papers on the impact of AI in the UAE financial sector via the ADGMA Research Centre. As the financial centre continues its expansion and regulatory innovation, it expects further growth in 2025, particularly from financial markets in Europe and Asia.
The National
2 days ago
- The National
UAE helped US regulators frame digital asset policy, Circle president says
Stablecoin issuer Circle Internet Group says the UAE has played a vital role in helping US regulators frame digital asset policies, reflecting the growing influence of the Emirates in the global technology stage. The company, which manages the world's second-biggest stablecoin, USDC, raised more than $1 billion at its initial public offering on the New York Stock Exchange on Thursday, reflecting the legitimacy of digital assets and the growing attention they attract from regulators, its president Heath Tarbert told The National. The listing valued the New York City-based Circle at around $6.8 billion after it priced its IPO at $31 per share, well above the projected top range of $27 and $28, making it one of the most prominent crypto firms that has tapped into equity markets. With the emergence of digital asset providers in the markets, regulation becomes more magnified especially in the US, which has banked on fellow forward-looking and tech-oriented nations such as the UAE for policies that would be a standard globally, said Mr Tarbert, who also served as assistant secretary of the US Treasury and chairman of the Commodity Futures Trading Commission. "While people do look to the US, it has been looking elsewhere as well for ideas, given the importance of digital assets and trying to get it right, and they've looked no further than the UAE," he said in an interview. "I would commend … particularly the financial services authorities in Dubai and Abu Dhabi for being at the forefront of this because they've actually helped inform US policymakers … there's a real realisation that stablecoins in particular can do a lot for our financial system." Cryptocurrencies in general are notoriously driven by trends and political developments. US President Donald Trump, arguably the world's biggest backer of crypto, gave an unprecedented boost to the sector – most notably Bitcoin – which scaled multiple highs early in his second term. "Politics can play a role in anything, but it's ultimately fundamental technology that will prevail," Mr Tarbert said, noting that Mr Trump "seeing the importance" of crypto "can also help the US continue to be a leader in technology". A stablecoin is a type of cryptocurrency that is pegged to a fiat currency and tends to be less volatile, unlike Bitcoin and the like, for which swings are influenced by simple factors such as tweets and hype. Unlike legacy financial institutions that require paperwork, approvals and physical branches, stablecoins only require an internet connection and a digital wallet. This removes barriers and allows anyone, anywhere, to send, receive and store money without needing a bank. AE Coin, the first regulated digital currency in the UAE, was granted final approval by local authorities and is scheduled to be launched 'soon'. In April, Abu Dhabi entities IHC, ADQ and First Abu Dhabi Bank plan to launch a dirham-backed stablecoin, which will be fully regulated by the UAE Central Bank, aimed at easing payment solutions. Tether, whose USDT is the world's biggest stablecoin, in August received the go-ahead to develop a stablecoin in the UAE. And Circle, which last year incorporated a unit in Abu Dhabi, partnered with Binance in December to incorporate USDC into products that can be used locally. Mr Tarbert said stablecoins will allow users to move in and out of digital assets, in addition to being a store of value globally, helping secure their finances. In particular, the UAE, a major source of remittance outflows, can benefit from their secure nature, he added. "People want to hold things like dollars in particular, but also euros and other currencies in their wallets safely and securely," he said. "The UAE is a major remittance corridor in the world … [stablecoins will provide] that fulcrum between east and west, north and south."
Zawya
2 days ago
- Zawya
Stablecoin issuer Circle raises $1.05bln in upsized US IPO
Circle Internet on Wednesday priced its upsized U.S. initial public offering at $31 apiece raising $1.05 billion, adding fresh momentum to a growing pipeline of late-stage cryptocurrency firms eyeing public markets. Circle and its shareholders sold 34 million shares at $31 apiece, valuing the company, which issues the USDC stablecoin, at roughly $8 billion on a fully diluted basis. The IPO had been marketed in a range of $27 to $28 per share. The company's flotation would be one of the biggest of the year after the Trump administration's trade policies rattled markets and pushed firms planning to go public to adopt a wait-and-see approach. However, market debuts of companies such as Israeli fintech eToro have offered some respite to investors tracking fresh public offerings. (Reporting by Pritam Biswas and Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
