Stablecoin issuer Circle has received regulatory approval to operate as a financial services provider in the Abu Dhabi International Financial Centre, strengthening its expansion into the United Arab Emirates.
In a Tuesday announcement, Circle Internet Group said it had secured a Financial Services Permission license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM). The approval allows Circle to operate as a Money Services Provider within the financial center.
Circle also named Saeeda Jaffar as its managing director for the Middle East and Africa. Jaffar, who also serves as a senior vice president and group country manager for the Gulf Cooperation Council at Visa, will lead Circle’s regional strategy and partnership efforts.
Circle co-founder, chairman, and CEO Jeremy Allaire said the ADGM regulatory framework “sets a high bar for transparency, risk management, and consumer protection,” adding that such standards are essential if “trusted stablecoins” are to scale across payments and financial systems.
Abu Dhabi issues a wave of new crypto licenses
The ADGM has recently approved a flurry of licenses for crypto firms. Earlier this week, Tether’s USDT — the world’s largest stablecoin and Circle’s main rival — secured a key regulatory milestone in Abu Dhabi’s financial center. Ripple’s dollar-pegged stablecoin, Ripple USD, received approval in late November as well.
On Monday, crypto exchange Binance was granted three separate licenses from Abu Dhabi’s financial regulator, enabling it to operate its exchange, clearinghouse, and broker-dealer services. This follows competitor Bybit, which secured regulatory approval in the UAE in early October.
UAE doubles down on crypto
The Central Bank of the UAE has been aggressively updating its crypto oversight. In November, it rolled out regulations covering decentralized finance (DeFi) and the broader Web3 industry.
The new Federal Decree Law No. 6 of 2025 brings DeFi platforms, service providers, and infrastructure operators under regulatory supervision if they facilitate payments, exchange, lending, custody, or investment services — all of which now require licensing. Local crypto lawyer Irina Heaver said, “DeFi projects can no longer avoid regulation by claiming they are just code.”
Heaver told Cointelegraph at the end of 2024 that the UAE had firmly established itself as a global crypto hub.
In October 2024, the country exempted cryptocurrency transfers and conversions from value-added tax, just after Dubai’s digital asset regulator tightened crypto marketing rules. Around the same time, Ras Al Khaimah Digital Assets Oasis — a local free economic zone — worked to introduce a legal framework for decentralized autonomous organizations.
Local regulators have also been active on enforcement. Dubai’s Virtual Assets Regulatory Authority cracked down on seven unlicensed crypto firms, issuing fines and cease-and-desist orders.
