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Circle has received regulatory approval from the Dubai Financial Services Authority (DFSA) for USDC and EURC, following similar endorsements in the European Union and Canada. This approval aims to enhance the digital asset services offered by companies operating within the Dubai International Financial Centre (DIFC).
Circle Receives Approval
With this DFSA approval, financial institutions in the DIFC can now provide services based on USDC and EURC, including payments and treasury management. This advancement is seen as a significant step towards increasing the use of digital assets in the region.
The DIFC is home to over 6,000 businesses, benefiting from a robust legal system and regulatory framework. The authority continues to work towards facilitating more widespread use of digital assets in the business sector.
Compliance and Expansion Strategy
To comply with local regulations, Circle has established a local legal entity tailored to the region’s requirements. The company claims to have gained a competitive edge by obtaining approvals to align with European markets in March 2024.
Dante Disparte, Circle’s strategy director, expressed that the approval sets a new standard for transparency, compliance, and usability in digital assets.
“USDC and EURC are the first digital assets to receive this certification. This step supports our mission to make digital euros and dollars more accessible and functional.” – Dante Disparte
Thanks to the recent approvals, Circle continues to pursue growth and expansion strategies in the cryptocurrency sector. The compliance approvals achieved in Europe and North America pave the way for similar success in the Middle East, bolstering long-term growth potential.
Adhering to legal regulations and regional expansion initiatives may increase competition among digital asset providers. The relevant approvals are expected to support the digital transformation of financial services.
