Circle secures in-principle regulatory approval from ADGM's FSRA
29 Apr 2025 19:12
ABU DHABI (ALETIHAD) Circle Internet Group, a global financial technology company and stablecoin market leader, on Tuesday announced that 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 framework. 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''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.''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.'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 programms. 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"
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.
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