After winning approvals in the European Union (EU) and Canada, Circle’s USDC and EURC have received recognition from the Dubai Financial Services Authority (DFSA). Under the approval, the stablecoins will see mainstream application by firms in the Dubai International Financial Center (DIFC).
A Regulatory First For USDC and EURC
According to a press release, stablecoin issuer Circle has officially clinched regulatory approvals for USDC and EURC in the DIFC. The approval is the first in the DIFC for stablecoins with the DFSA giving the greenlight after Circle applied with the regulator.
Flowing from the approval, crypto exchanges in the DIFC region can offer a range of stablecoin-backed services to customers. Markedly, firms can integrate USDC and EURC for payments, treasury management, and a raft of digital asset services.
Over 6,000 firms have operations in the DIFC citing its status as an independent judicial system. Circle’s Chief Strategy Officer Dante Disparte notes that the approval will spike the top stablecoin utility rates in the region with lofty digital asset ambitions.
“As the first stablecoins to receive this designation, USDC, and EURC continue to set the global standard for transparency, compliance, and utility,” said Disparte. “This milestone aligns with our mission to make digital dollars and euros more accessible, interoperable, and useful for businesses.”
To underscore its commitment to compliance, the stablecoin issuer has previously floated a local entity in line with regulatory requirements.
Building On A Streak Of Compliance
Circle is on a red-hot streak, racking a string of approvals in multiple jurisdictions in recent months. In mid-2024, USDC joined ten stablecoins to achieve full compliance with the EU’s Markets in Crypto Assets (MiCA) regulation.
Both stablecoins have since notched full levels of compliance under Canadian listing rules amid an expansionist spree. With the EU and North America in the bag, Circle undoubtedly has its sights on the Middle East.
“The DFSA’s approval of USDC and EURC as recognized crypto tokens within the DIFC is yet another validation of our constructive approach to regulatory and policy engagement,” added Disparte.
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