The Abu Dhabi Global Market (ADGM) has recognized Tether’s stablecoin USD₮ as an accepted virtual asset, allowing licensed companies to offer pre-approved services in Abu Dhabi. This move marks a significant step for businesses in the region, with Tether aiming to continue its growth.
On December 10, 2024, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) recognized Tether’s stablecoin USD₮ as an accepted virtual asset. This approval allows licensed companies to offer pre-approved USD₮ services in Abu Dhabi.
Tether’s CEO, Paolo Ardoino, stated that the approval from ADGM validates the importance of stablecoins as critical tools for modern finance. The company aims to continue advancing its growth, with a market cap exceeding $138 billion.
The United Arab Emirates has been praised for being a crypto hub. Abu Dhabi, its capital, started regulating crypto activities in 2018, ahead of most regulators. The European Union will begin enforcing its rules in the coming days, and the U.K. by 2026.
Circle, another stablecoin issuer, is also diving into the Middle East after incorporating a company in the ADGM. This move follows Tether’s recognition of USD₮ as an accepted virtual asset in the region.
- coindesk.com | Companies Can Now Offer USDT Services in Abu Dhabi
- yahoo.com | Companies Can Now Offer USDT Services in Abu Dhabi
