TLDR
- Circle gains Financial Services Permission from ADGM to operate in UAE.
- Dr. Saeeda Jaffar joins Circle as Managing Director for Middle East & Africa.
- ADGM’s framework supports Circle’s expansion with stablecoin payments.
- Circle strengthens UAE presence with regulated digital finance solutions.
Circle Internet Group has achieved a key regulatory milestone by securing a Financial Services Permission (FSP) license from the Financial Services Regulatory Authority (FSRA) of ADGM in the UAE. This enables Circle to operate as a licensed Money Services Provider, marking a significant step in expanding its presence in the Middle East and Africa (MEA). The company also appointed Dr. Saeeda Jaffar as Managing Director for the MEA region to accelerate growth.
Circle (CRCL) Stock Wavers as USDC Issuer Secures ADGM License in UAE
Circle Internet Group has secured a Financial Services Permission (FSP) license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), signaling a significant expansion in the UAE.
‘The FSP license allows Circle to operate as a Money Services Provider in ADGM, strengthening its position in the Middle East and Africa (MEA) region. This milestone follows the company’s broader strategy of expanding its regulated presence in global financial hubs, facilitating its mission to deliver trusted digital dollars onchain.
The company also announced the appointment of Dr. Saeeda Jaffar as Managing Director for Circle Middle East & Africa. Dr. Jaffar, formerly with Visa, will be responsible for overseeing the company’s regional strategy and fostering partnerships with financial institutions and enterprises in the UAE and broader MEA markets. This regulatory achievement and leadership appointment mark a new phase in Circle’s efforts to accelerate the adoption of digital assets in the region.
ADGM License and Regulatory Milestone
The acquisition of the ADGM license represents a critical step for Circle as it looks to scale its operations in the UAE and surrounding markets. The FSRA’s regulatory framework for digital assets has positioned ADGM as a leading International Financial Centre (IFC) for crypto and digital finance.
According to Arvind Ramamurthy, Chief Market Development Officer of ADGM, Circle’s regulated presence supports the UAE’s broader ambitions to build a trusted and institutional-grade digital asset ecosystem.
Circle’s USDC stablecoin is now officially recognized for use in ADGM, which is significant for the company as it allows them to operate and expand their offerings in the UAE’s evolving digital finance landscape. This framework sets clear rules for the use of fiat-referenced tokens like USDC, which Circle issues, and provides the foundation for transparency, risk management, and consumer protection in digital finance.
Regional Leadership and Dr. Saeeda Jaffar’s Appointment
Dr. Saeeda Jaffar’s appointment as Managing Director for Circle Middle East & Africa adds considerable expertise to the company’s regional leadership. Dr. Jaffar joins Circle from Visa, where she served as Senior Vice President and Group Country Manager for the Gulf Cooperation Council (GCC).
Her experience in building partnerships across the Gulf region and her deep understanding of the financial technology sector will help Circle strengthen its regional strategy and expand its presence across key markets in MEA.
As Managing Director, Dr. Jaffar will be responsible for advancing Circle’s growth in the UAE and MEA, focusing on partnerships with financial institutions, enterprises, and governments. Her leadership will play a vital role in driving adoption of Circle’s digital dollar solutions, such as USDC, as part of the company’s broader strategy to facilitate blockchain-based payments and settlements.
Circle’s Continued Growth in the UAE
This announcement builds on Circle’s growing footprint in the UAE, which includes the recognition of USDC and EURC as the first stablecoins to be recognized under the Dubai Financial Services Authority’s (DFSA) crypto token regime earlier this year. The ADGM license further strengthens Circle’s position in the UAE as a leader in digital finance and reinforces its commitment to fostering innovation in the financial services industry.
Circle’s regulated presence in the UAE aligns with the country’s goals of fostering an open, transparent, and innovation-driven financial ecosystem. With the newly acquired FSP license, Circle is positioned to expand its payments and settlement services for businesses, developers, and financial institutions in the region. These advancements bring Circle closer to its mission of delivering trusted, onchain digital dollars for enterprises and consumers worldwide.
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