The Dubai Financial Services Authority (DFSA) has approved stablecoin, USDC and EURC as the recognized crypto token within the Dubai International Financial Centre (DIFC). Circle confirmed the development in a blog post released on Monday.
It is worth noting that this landmark adoption of USDC and EURC is the first since the commencement of the DIFC crypto token regime. Similarly, the adoption also cemented USDC and EURC’s status as the leading regulated stablecoins.
With this, financial service providers and fintech operating in Dubai can now integrate USDC and EURC into their digital asset services, payments, treasury management, among others. However, only this stablecoins are permitted for use and promotion in the region which houses over 6000 firms.
It is worth noting that this latest approval is premised on Circle’s position as the first and only major stablecoin issuer to comply with European Union MiCA regulations and Canada’s new listing rules. Furthermore, the approval also strengthens the stablecoin issuer’s long-term commitment to the Middle East region. This landmark achievement further highlights Circle’s dedication to global stablecoin oversight, strengthening trust, compliance, and adoption worldwide, and laying a resilient foundation for the future of finance.
The chief strategy officer and head of global policy and operations at Circle, Dante Disparte has reacted to the development. According to Disparte, the adoption of USDC and EURC as a recognized crypto token in Dubai underscores Circle’s commitment to regulatory compliance. He added that as the first stablecoins to attain this feat, Circle would continue to set standard for transparency, compliance and utility. The exec added that this landmark achievement aligns with Circle goal of ensuring the availability of digital dollars and euros to investors and financial institutions.
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