Circle has received approval from the Dubai Financial Services Authority (DFSA) to provide services related to digital currencies USDC and EURC. This decision supports the efforts to develop digital asset use in the region.
Circle Receives Approval
With DFSA approval, financial institutions within the Dubai International Financial Centre (DIFC) can provide services based on USDC and EURC, including payments and treasury management. This move is acknowledged as significant for increasing digital asset usage in the region.
Compliance and Expansion Strategy
To comply with local regulatory requirements, Circle has established a local legal entity tailored to the region. The company has gained a competitive edge by obtaining approvals to align its operations with European markets in March 2024.
Significance for Digital Services Sector
Thanks to recent approvals, Circle continues to advance growth and expansion strategies in the cryptocurrency sector. The compliance with European and North American standards sets the path for similar success in the Middle East, strengthening long-term growth potential. Adhering to legal regulations and regional expansion initiatives may increase competition among digital asset providers. The approvals are expected to support the digital transformation of financial services.
With DFSA approval, Circle takes a crucial step towards expanding its presence in Dubai, supporting broader digital asset adoption in the region.
