Circle Internet Group, Inc., a global financial technology company and stablecoin market participant, announced 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 progressive regulatory framework, and reinforces the company’s commitment to enabling compliant innovation in digital finance throughout the MEA region.”
This milestone follows Circle’s incorporation in ADGM in December 2024 and builds on its presence in the UAE.
Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, said the regulatory approval advances their strategy of establishing roots in jurisdictions embracing the on-chain economy. Allaire said it also underscores their commitment to global stablecoin oversight.
Arvind Ramamurthy, Chief of Market Development at ADGM, said they were excited to contribute to the ecosystem which embraces the regulatory first approach.
“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. We look forward to working with Circle as they expand their operations and contribute to the advancement of digital finance in the UAE.”
Dante Disparte, Chief Strategy Officer & Head of Global Policy and Operations at Circle, echoed the sentiment that the UAE is a forward-looking jurisdiction.
“…Circle continues to demonstrate how trusted infrastructure, built on rigorous compliance and transparency, can advance the safe adoption of stablecoins worldwide. This moment reinforces our belief that regulation is not a constraint on innovation, but its most powerful catalyst.”
Circle also announced a 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 programs.”
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.”
Abu Dhabi is establishing itself as a global hub for Fintech and digital assets, said Ahmad Ali Alwan, CEO of Hub71, said:
“Circle’s expertise will enrich our digital assets ecosystem, providing Hub71 founders with greater access to resources, mentorship, and growth opportunities. Through this partnership, we are enabling the adoption of leading digital financial infrastructure that supports startup growth and drives the evolution of Web3 and digital finance from Abu Dhabi.”