Circle received initial license for ADGM in Abu Dhabi, USDC officially landed in the Middle East

The move marks an important milestone for Circle to expand financial services in the Middle East. Preliminary approval means Circle has met the relevant requirements for conducting financial business at ADGM. Although it still needs to wait for full regulatory approval, this progress may herald the coming of a full license.

In response, Circle co-founder and CEO Jeremy Allaire commented that the UAE is paving the way for responsible innovators to build an Internet financial system. This initial approval from ADGM advances our strategy to embrace the market that embraces the on-chain economy and create new avenues for investment and innovation in the region. This also demonstrates Circle's long-term commitment to global stablecoin regulation, namely to enhance trust, compliance and global adoption, while laying a solid foundation for the Internet financial system.

Circle has been officially licensed by ADGM Abu Dhabi for currency services USDC officially landed in the Middle East

What is the significance of Circle's ADGM regulatory license?

Obtaining initial approval from ADGM has many profound implications for Circle:

• First, this marks the official entry of Circle into the Middle East financial markets, especially Abu Dhabi, a global financial center, which will help promote USDC's adoption in cross-border payments, trade financing and decentralized finance (DeFi).

• Secondly, ADGM is known for its high standards and transparency, and this approval strengthens Circle's regulatory compliance image and consolidates its position in the stablecoin market. Compared with Tether, which has leading market share but has questioned regulatory transparency, Circle highlights its compliance advantages with its monthly reserve certificates issued by the four major accounting firms and multiple licenses in the United States, the European Union, the United Kingdom, Singapore and other places.

• At the same time, this also complements Circle's open listing plan. Circle has recently submitted an IPO application to the U.S. Securities and Exchange Commission, and ADGM's regulatory progress will increase investor confidence and add attractiveness to the IPO.

Circle obtains compliance licenses in multiple countries

Although Circle is far lower in the stablecoin market than its competitor Tether, as a stablecoin issuer, Circle is undoubtedly the industry leader in compliance. According to official information, Circle has obtained compliance licenses in many countries and regions, such as:

• United States: Circle holds a currency transfer license in 46 U.S. states, the District of Columbia and Puerto Rico, and has obtained BitLicense in New York State. In addition, Circle is registered in the United States as a currency service provider (MSB) of the Treasury Department's Financial Crime Enforcement Network (FinCEN).

• EU: Circle has obtained a French electronic currency institution (EMI) license and complies with the Crypto Asset Market Supervision Framework (MiCA), and USDC and EURC have become the first approved stablecoins.

• UK: Circle also holds an EMI license.

• Singapore: Circle has obtained a major payment institution (MPI) license.

• Dubai: USDC and EURC are recognized by the Dubai Financial Services Authority.

• Japan: USDC is licensed to be distributed as a foreign stablecoin by the Financial Services Agency.

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