Ah, the Dubai Financial Services Authority, that illustrious bastion of financial propriety, has bestowed its sacred approval upon Circle’s USDC and EURC, marking them as the first stablecoins to be officially recognized under the new token regime of this glittering oasis. One can almost hear the trumpets blaring in celebration, or perhaps that’s just the sound of investors holding their breath.
On the fateful day of February 24, Circle, in a flourish of self-congratulation, announced that the DFSA had granted its blessing to both USDC (USDC) and EURC (EURC). This momentous occasion is the first of its kind from the DIFC, an independent financial and commercial jurisdiction nestled within the opulent embrace of the United Arab Emirates. How quaint, one might think, that such a place has operated independently since its inception in 2004, housing over 6,000 companies in a free economic zone, as if to say, “Come one, come all, but only if you play by our rules!”
Under this new crypto token regime, the DIFC has decreed that all platforms and companies wishing to dabble in the murky waters of digital assets must first seek the holy grail of regulatory approval. The DFSA, in its infinite wisdom, licenses these entities, and lo and behold, Circle’s USD- and Euro-pegged stablecoins are the first to bask in the warm glow of official approval from the regulator. What a time to be alive!
“The DFSA’s approval of USDC and EURC as recognized crypto tokens within the DIFC is yet another validation of our constructive approach to regulatory and policy engagement,” proclaimed Dante Disparte, Circle’s chief strategy officer and head of global policy, as if he were delivering a soliloquy on the stage of a grand theater.
With this milestone, Circle finds itself riding the wave of recent regulatory approvals in the European Union and Canada, as if it were a ship sailing smoothly through turbulent seas. The company is among the first to receive a nod as a Markets in Crypto Assets, or MiCA compliant company in 2024. And let us not forget, Circle has also received the green light to offer its products in Canada, after becoming the first stablecoin issuer to comply with the country’s new listing rules. Bravo, Circle, bravo!
As Circle’s USDC and EURC bask in the limelight of the DIFC, Tether, the issuer of USDT (USDT), has also made its own foray into the UAE. In a twist of fate, Tether secured approval from the Abu Dhabi Financial Services Regulatory Authority in December 2024, allowing USDT to be accepted as a virtual asset in the Abu Dhabi Global Market. How delightful it is to see competition flourish in this financial free zone, where the only thing more abundant than wealth is the irony of it all.
Indeed, like the DIFC, the ADGM stands as a financial-free zone in the UAE, a veritable playground for those who dare to dream in digital currencies.
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2025-02-24 22:22