DFSA Recognizes Circle’s Stablecoins
The Dubai Financial Services Authority (DFSA) has officially approved Circle’s USD Coin (USDC) and EURC (Euro Coin) as recognized tokens. This marks the first time stablecoins have been approved under Dubai’s crypto token regime, setting a new milestone for the region’s growing digital asset market.
DIFC Companies Can Now Use USDC and EURC
With this approval, companies in the Dubai International Financial Centre (DIFC) can now integrate USDC and EURC into various applications. These include payments, treasury management, and digital asset services. This move will help businesses streamline transactions and increase the use of stablecoins in Dubai’s financial district.
DIFC’s Expanding Financial Hub
Founded in 2004, the DIFC is a major financial hub serving the Middle East, Africa, and South Asia. With nearly 7,000 active companies, the district has grown by 25% since 2023. Only approved crypto tokens like USDC and EURC are allowed, ensuring a secure and regulated market for digital assets.
UAE Strengthens Crypto Regulations
The UAE has been actively working to regulate the crypto market. In 2024, new laws and licensing frameworks were introduced, providing clear guidelines for digital assets. These changes have strengthened the country’s position as a global leader in blockchain innovation and crypto regulation.
New Rules for Stablecoins and Digital Funds
In June 2024, the UAE’s Central Bank launched a system to oversee and license stablecoins. At the same time, Dubai updated its crypto token rules, allowing both local and international funds to invest in digital assets. These steps aim to build trust and attract more investors to the crypto market.
Dubai’s Growing Influence in Crypto
By approving USDC and EURC, Dubai shows its commitment to becoming a global crypto hub. The DFSA’s decision highlights the city’s focus on safe and regulated digital asset adoption, helping businesses and investors confidently explore the growing world of cryptocurrencies.
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