Circle Bolts Into UAE Crypto Boom With FSP License, Visa Alum Hire

Circle Secures UAE Financial License and Appoints Visa Veteran as Regional Managing Director

Circle Internet Group, Inc. (NYSE: CRCL), a leading internet financial platform, has received a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM). The license allows the company to operate as a Money Services Provider within the UAE, marking a significant regulatory milestone in the country's push to become a hub for digital assets.

The announcement also revealed the appointment of Dr. Saeeda Jaffar as the Managing Director for Circle Middle East & Africa. Dr. Jaffar, previously a Senior Vice President at Visa, brings deep regional expertise and a track record of fostering strategic partnerships in the financial sector.

This move aligns with the UAE's broader strategy to attract and regulate digital-asset businesses. Circle now joins a growing list of crypto firms, including Binance, that have secured similar licenses under ADGM's evolving regulatory framework.

Strategic Expansion in the UAE

The FSP license enables Circle to offer its USDC stablecoin in business payments, settlements, and financial use cases across the UAE. This follows Dubai's earlier recognition of USDC and its euro-backed counterpart EURC under the Dubai Financial Services Authority's crypto regime.

The approval strengthens Circle's position in the UAE, where it aims to expand regulated USDC use in corporate payments, settlement rails, and developer infrastructure. Circle's CEO, Jeremy Allaire, emphasized the importance of regulatory clarity in building a more open financial system.

ADGM's regulatory framework has been praised for its emphasis on transparency, risk management, and consumer protection. Arvind Ramamurthy, Chief Market Development Officer at ADGM, highlighted the initiative as a step toward creating a trusted digital asset ecosystem in Abu Dhabi.

Leadership and Regional Vision

Dr. Jaffar's appointment is a strategic move to deepen Circle's engagement in the Middle East and Africa. With experience in driving growth at Visa, she is tasked with building partnerships and accelerating the adoption of trusted digital dollars and onchain payment solutions.

Her role is expected to enhance Circle's presence in the region and support the UAE's goal of becoming a global leader in regulated digital finance. The appointment also signals confidence in the potential for stablecoin-driven financial innovation in emerging markets.

Broader Implications for Digital Finance

The UAE's regulatory environment is increasingly shaping global crypto adoption. Stablecoins like USDC are gaining traction as tools for cross-border payments, especially in regions with limited access to traditional banking infrastructure.

Circle's expansion comes amid a surge in mainstream adoption of stablecoins, driven by new regulatory frameworks like the U.S.-passed GENIUS Act, which provides a federal structure for their oversight.

In a related development, Bybit has partnered with Circle to expand USDC adoption globally, enhancing liquidity across spot and derivatives markets. The collaboration aims to simplify deposits, withdrawals, and trading in key markets.

Market Reactions and Future Outlook

The news has reinforced confidence in the UAE's digital financial ecosystem. Circle's regulatory compliance and strategic leadership appointments align with investor expectations for transparency and institutional-grade operations in the crypto space.

As the UAE continues to attract major players like Binance and Tether, the region is solidifying its reputation as a responsible innovation hub. This trend is likely to influence global regulatory developments and adoption rates of digital assets in the coming years.