FOGINT: Dubai Makes a Crypto Move
March 26, 2025
Cryptocurrencies are on deck to replace fiat currencies. The Dubai Financial Services Authority (DFSA) recently recognized a cryptocurrencies says Gadgets 360: “USDC, EURC Stablecoins Secure ‘Token Recognition’ In Dubai.” The two new tokens recognized in Dubai are the stablecoins USDC and EURC from Circle.
The DFSA approved the use of these stablecoins within the Dubai International Financial Centre’s (DIFC) economic activities. EURC and USDC are the first crypto stablecoins to receive official recognition from the DFSA. Stablecoins are cryptocurrencies backed by traditional assets such as gold and regular hard currencies.
The DFSA issued a crypto token framework in 2022 so businesses working with cryptocurrencies would have safe guidelines. Only DFSA-recognized cryptocurrencies are allowed to be used within the DIFC. This is to ensure companies are protected from scams.
This is an important move for stablecoins:
Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle called the development a ‘milestone’ moment for the stablecoin sector. ‘This milestone aligns with our mission to make digital dollars and euros more accessible, interoperable, and useful for businesses, developers, and financial institutions worldwide,’ Dante said. ‘As the first stablecoins to receive this designation, USDC and EURC continue to set the global standard for transparency, compliance, and utility.’”
Circle is the second largest provider of stablecoins in the world after Tether. The company reported the USDC profit reached $18 trillion since launching in 2018. Dubai, Telegram, and crypto: Interesting ingredients.
Whitney Grace, March 18, 2025
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