Circle obtains Financial Services Permission in Abu Dhabi…USDC payment services set to expand

Stablecoin issuer Circle has been confirmed to have obtained a 'Financial Services Permission (FSP)' from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).

On the 9th (local time), crypto-focused media Coinpedia reported that through this permission, Circle will operate as a money services business able to provide regulated payment and settlement services within ADGM. The company plans to use this as a basis to expand USDC usage across the UAE.

Jeremy Allaire, Circle's chief executive officer (CEO), said, "ADGM's transparency and consumer protection–focused policies align with Circle's long-term goals," adding, "This will be an important foundation for establishing USDC as a global payment infrastructure."

ADGM said, "Circle's entry will help build an institution-focused digital asset ecosystem." Abu Dhabi has recently been expanding its regulatory framework by granting approvals to major crypto companies such as Binance.

Meanwhile, approvals related to stablecoins are continuing. The previous day, Tether had USDT recognized as a 'payment token' within the ADGM, and Binance reportedly secured a license to begin exchange, clearing, and broker-dealer services from January 5 next year.