Circle has secured regulatory approval to operate as a financial service provider in the Abu Dhabi International Financial Center, allowing them to act as a Money Services Provider in the IFC. They have also appointed a new managing director for the Middle East and Africa, Saeeda Jaffar. CEO Jeremy Allaire emphasized the importance of transparency and consumer protection for trusted stablecoins to thrive.

Abu Dhabi is granting licenses to multiple crypto companies, including Tether’s USDt and Ripple’s dollar-pegged stablecoin. Binance was also granted licenses for exchange, clearing house, and broker-dealer services. This follows Bybit receiving regulatory approval in the UAE. The Central Bank of the UAE has been reviewing cryptocurrency regulations and recently introduced rules for DeFi and Web3 projects.

The UAE has been actively involved in crypto regulation, introducing laws for decentralized finance and exempting cryptocurrency transfers and conversions from value-added tax. Regulations now cover DeFi platforms, with licenses required for services such as payments, exchange, lending, custody, or investment. Local authorities are enforcing rules, cracking down on unlicensed crypto businesses and tightening marketing regulations.

Read more at Cointelegraph: Circle Wins Abu Dhabi License as UAE Speeds Up Crypto Rules