Picture it: Abu Dhabi, land of year-round sunshine and camels that probably have more Instagram followers than you do. Into this oasis waltzes Circle, a stablecoin issuer firm famous for giving crypto investors less heartburn than the rest. And what did the Persian Gulf’s financial wizards do? They handed Circle a shiny “in-principle” approval to play money services provider—meaning, “We like you, but we’re still swiping left for now.”
The regulators at Abu Dhabi Global Market (or ADGM for those with limited time and patience) have officially given Circle a pat on the head—er, the regulatory requirements nod to do business in the region. There’s just the teensy matter of full approval before Circle can get down to the business of, well, doing business. Because nothing says “fast-paced crypto” like a little quality time in bureaucratic limbo.
ADGM isn’t just any financial zone. No, it’s a “financial free zone” with a regulatory system built for people who wear suits even in 40°C weather. Crypto companies, Circle included, must win over not just the authorities, but also probably a squad of lawyers with an addiction to three-letter acronyms. Circle came knocking on ADGM’s door in December 2024, so let’s all appreciate their stamina.
Circle’s Co-Founder and CEO Jeremy Allaire (whose hair probably has more regulatory approval than most tokens) declared the news proves the company’s undying love for regulatory compliance. “The UAE is paving the way for responsible innovators”—which, in business-speak, means “We promise not to set anything on fire this time.” Apparently, this provisional thumbs-up moves Circle’s plan to world domination one step closer, or at least gives them something to talk about at conferences.
On the Abu Dhabi side, Arvind Ramamurthy, the market development chief (a title that screams “I attend a lot of meetings”), welcomed Circle to the city’s growing pantheon of crypto hopefuls. “We look forward to working with Circle as they expand their operations…” Which can be translated as: “Please don’t mess up our reputation. We just got the carpets cleaned.”
Meanwhile, Circle’s Head of Global Policy, Dante Disparte—who, let’s face it, probably has a PowerPoint for every occasion—reminded everyone that what crypto really needs isn’t another memecoin, but more regulatory clarity. He pointed at Europe’s MiCA, possibly because everyone needs a gold star to chase, and who doesn’t like a good framework acronym?
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2025-04-29 14:19