Circle gets Abu Dhabi regulatory nod to expand in Middle East
USDC stablecoin issuer Circle has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the company announced on April 29.
The approval moves Circle closer to obtaining a full Financial Services Permission (FSP) license, allowing it to operate as a regulated money services provider in the United Arab Emirates, the firm said in an official press release.
Jeremy Allaire, Circle’s Co-Founder and CEO, said the approval “advances our strategy to establish deep roots in markets embracing the onchain economy.” He added:
“It also underscores Circle’s enduring commitment to global stablecoin oversight—strengthening trust, compliance, and adoption worldwide, while laying a resilient foundation for the internet financial system.”
Related: Circle files for Initial Public Offering planned for April
Circle partners with Hub71
In addition to regulatory progress, Circle announced a partnership with Hub71, Abu Dhabi’s tech ecosystem. As part of the collaboration, the two firms plan to work together on projects within ADGM’s digital regulatory sandbox.
Circle will also join Hub71’s digital assets group, sharing its experience with a community of more than 500 tech startups and investors.
Circle’s flagship USDC token is the second-largest stablecoin in terms of market capitalization. As of now, there are $62.03 billion USDC (USDC) tokens in circulation, according to data from CoinMarketCap.
Meanwhile, Circle has been pushing into new global markets amid rising interest in stablecoins.
In July 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation.
In Japan, Circle expanded its presence through a partnership with SBI Holdings. On March 26, 2025, SBI VC Trade, a subsidiary of SBI Holdings, launched USDC trading, making it the first stablecoin approved under Japan’s regulatory framework.
Related: Circle executive denies claims of seeking US banking license
UAE aims to position itself a major Web3 hub
The United Arab Emirates has been actively working to establish itself as a global Web3 hub, leveraging progressive regulation and strategic partnerships to attract leading digital asset firms.
In August 2024, the country ranked third in a crypto adoption index released by Henley & Partners, an investment migration consultancy firm.
On April 6, Dubai’s real estate and crypto regulatory authorities signed a new agreement aimed at expanding digital asset adoption in the real estate sector. The agreement will link Dubai’s real estate registry with property tokenization through a governance system.
Magazine: Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this week
Czech Justice Minister Pavel Blazek resigned following backlash over his ministry’s sale of Bitcoin donated by a convicted criminal.
French prosecutors charged 25 people over a wave of crypto-related kidnappings. However, the masterminds remain at large.
Nigel Farage has successfully exploited the Commons recess to “grab the mic” and “dominate” the agenda, Harriet Harman has said.
Speaking on Sky News’ Electoral Dysfunction podcast, the Labour peer said that the Reform UK leader has been able to “get his voice heard” while government was not in “full swing”.
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Mr Farage used a speech this week to set himself, rather than Kemi Badenoch’s Tories, up as the main opposition to Sir Keir Starmer at the next election.
The prime minister responded on Thursday with a speech attacking the Clacton MP.
Baroness Harman said: “It’s slightly different between opposition and government because in government, the ministers have to be there the whole time.
“They’ve got to be putting legislation through and they kind of hold the mic.
“They can dominate the news media with the announcements they’re making and with the bills they’re introducing, and it’s quite hard for the opposition to get a hearing whilst the government is in full swing.
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‘Big cuts’ to fund other Reform UK policies
“What we used to do when we were in opposition before 1997 is that as soon as there was a bank holiday and the House was not sitting, as soon as the half-term or the summer recess, we would be on an absolute war footing and dominate the airwaves because that was our opportunity.
“And I think that’s a bit of what Farage has done this week,” Harman added.
“Basically, Farage can dominate the media agenda.”
She went on: “He’s kind of stepped forward, and he’s using this moment of the House not sitting in order to actually get his voice heard.
“It’s sensible for the opposition to take the opportunity of when the House is not sitting to kind of grab the mic and that is what Nigel Farage has done.”
But Baroness Harman said it “doesn’t seem to be what Kemi Badenoch’s doing”.
She explained that the embattled leader “doesn’t seem to be grabbing the mic like Nigel Farage has” during recess, and added that “there’s greater opportunity for the opposition”.
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