The Dubai Financial Services Authority has approved the USDC and EURC of Circle, as the new token of Dubai is the first officially recognized stabecons under the rule.
circle Announced On 24 February, DFSA approved both USDC (USDC) and EURC (EURC) as crypto tokens under the new token regime of Dubai International Financial Center. This is the first such approval by DIFC, an independent financial and commercial jurisdiction in the United Arab Emirates.
The financial district has operated independently since its establishment in 2004 and offers a free economic sector with over 6,000 companies. New rules on digital asset use only restrict the integration of officially recognized crypto tokens.
Under this crypto token regime, DIFC requires all platforms and companies that demand offering financial services involving digital assets to obtain regulatory approval. DFSA licenses these institutions, and the circle’s USD-and euro-peg stabechines are the first to receive official approval from the regulator.
Dante Disparte, the chief strategy officer of Circle and head of the global policy, said, “The approval of USDC and EURC of DFSA as a recognized crypto token within DFSA is another recognition of our creative approach for regulatory and policy engagement so far. “
With this milestone, the circle combines its traction for recent regulatory approval in the European Union and Canada. The company is the first to get a node as a market in Crypto Assets, or Micah Complement Company in 2024. Circle also has a greenlight to offer its products in Canada, after becoming the first Stabelcoin issuer to follow the country’s new listing rules. ,
As the USDC and EURC of the circle get the node in the DIFC, Tether, USDT (USDT) issuance, it has also created inroads in the UAE.
In December 2024, Tiththi received approval from the Abu Dhabi Financial Services Regulatory Authority, allowing USDT as an approved virtual property in Abu Dhabi Global Market with USDT.
Like DIFC, ADGM UAE has a financial free field.
