Circle Internet Group has secured a major license from Abu Dhabi’s financial regulator and has hired a regional veteran to lead its operations in the Middle East and North Africa. This is the company’s most direct move yet into a market that is positioning itself as a hub for regulated digital finance.
Issued by Abu Dhabi Global Market – the international financial center and free economic zone of Abu Dhabi – the license authorizes Circle to operate as a regulated Money Services Provider under the supervision of the capital’s Financial Services Department.
Dr. Visa’s Saeeda Jaffar joins Circle’s efforts in the UAE and MENA, where she was senior vice president and group country manager for the Gulf Cooperation Council.
A long-time regional payments executive, she previously held positions at McKinsey, Bain and Alvarez & Marsal and advised banks, sovereign wealth funds and government agencies in the Middle East, Africa, Europe and the US.
Known for issuing stablecoin products such as USD coin (USDC)Circle has deepened its presence in the Gulf over the past year as regulators in Abu Dhabi and Dubai constructed clearer routes for fiat-referenced tokens and payment infrastructure.
“Clear regulations are the foundation of a more open and efficient Internet financial system,” said Jeremy Allaire, co-founder, chairman and CEO of Circle, in a statement.
The framework established by ADGM’s Financial Services Regulatory Authority “sets a high bar for transparency, risk management and consumer protection – standards that enable trusted stablecoins to enable real payments and financing at internet scale,” Allaire added.
This week, Binance and Tether received similar approvals under the FSRA regime.
The developments come at a time when regulators in the broader region are moving to formalize reporting standards and tighten oversight of digital asset activities.
Earlier in September, the UAE signed concluded a new cryptocurrency tax reporting agreement and opened an industry consultation on how digital asset activities should be reported to authorities.
That agreement aims to “develop clear and effective regulatory rules, based on the insights of experts and stakeholders,” tailored to the needs of the market. Declutter previously reported.
Circle’s move can be seen as “further evidence” that the UAE has built “the world’s most mature and progressive regulatory framework for stablecoins,” Charles d’Haussy, CEO of the dYdX Foundation, told me. Declutter.
“While many jurisdictions are still debating whether to allow interest-bearing stablecoins, Abu Dhabi has already said yes – and world leaders like Circle are voting with their feet,” he added.
Asked how the UAE could become a hub for digital assets, d’Haussy said it is “not trying to be ‘crypto-friendly’ – it is systematically positioning itself as the global capital for regulated digital assets and stablecoins.”
The UAE has clear regulations dating back to 2017, explicit approval for yield-bearing tokens and “an annual inflow of $30 billion in on-chain volume,” d’Haussy said, citing data from Arabian Crypto, a book he co-authored.
He added that the country’s expat-driven financial flows, its position as a trading hub and policies that encourage banks to hold stablecoin reserves have helped create a market where both retail and institutional users can legally earn returns on regulated stablecoins.
“Add 24/7 blockchain rails, zero legal uncertainty and active government support for private sector emissions, and you have the most attractive combination of market demand, regulatory clarity and infrastructure anywhere outside the US,” d’Haussy noted.
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