Digital Platform Launched by CMA to Boost Effectiveness in Abu Dhabi's Creative Sector
In an effort to align with the UAE's Year of Community 2025 initiative, the Creative Media Authority has launched The Circle, a digital platform designed to optimize services for the creative community in Abu Dhabi. The platform, scheduled for complete digitalization by June, aims to make it easier for businesses and freelancers to thrive in the city.
Upon registration, users can access a range of services, including new business setup, renewals, NOC requests, company share transfers, director changes, business name modifications, alterations to business license activities, and license applications, cancellations, modifications, reactivations, and renewals. The platform also plans to introduce additional services and streamline over 40 business services, with some applications expected to take as little as 60 seconds to complete.
In a move to further enhance the platform, The Circle's second phase, scheduled for launch by May, will focus on digital asset infrastructure and regulatory compliance. Key developments include in-principle approval from Abu Dhabi regulators for Circle to operate as a money services provider, strengthening USDC infrastructure and trust banking, and a focus on facilitating creative and financial innovation.
Circle, the company behind The Circle, is pursuing a national digital currency trust bank charter, which would allow it to operate as a federally regulated trust institution under the oversight of the U.S. Office of the Comptroller of the Currency (OCC). This bank would manage USDC reserves and provide secure custody services tailored especially for institutional customers.
The platform's evolution supports Abu Dhabi’s ambitions for a regulated framework for fiat-referenced tokens, enabling new financial products and services to flourish in the creative sector. Circle's compliance and programmable wallet features are also enhancing the ability for merchants and developers to integrate USDC payments easily and securely.
The second phase of The Circle Digital Platform is expected to have a significant impact on the UAE and the broader Middle East, with USDC already accounting for a significant share of crypto transactions in the region. The platform's expansion aims to make cross-border payments faster, cheaper, and more reliable, which is crucial for the creative sector that often interacts with international clients and partners.
Khalid Khouri, the Director of Industry Development at the Creative Media Authority, has commented on the launch of The Circle, stating, "This digital solution is a significant step forward in enhancing business and freelance support in Abu Dhabi's creative sector. We are committed to rolling out more services for The Circle, with the goal of digitizing as much as possible by the end of June."
In addition, The Circle event series will continue to focus on themes like AI and innovation. The quarterly events aim to foster discussions and collaborations within the creative community, encouraging the development of innovative ideas and solutions.
With its user-friendly interface, streamlined services, and commitment to digitalization, The Circle Digital Platform is set to revolutionize the way businesses and freelancers operate in Abu Dhabi's creative sector, providing them with modern, regulated digital financial tools by May 2025.
[1] Financial Services Regulatory Authority of the Abu Dhabi Global Market [2] The Circle [3] USDC [4] Office of the Comptroller of the Currency (OCC) [5] Creative Media Authority [6] Mohamed Dobay (associated with the Creative Media Authority)
- The second phase of The Circle Digital Platform is set to incorporate digital asset infrastructure and regulatory compliance, with the aim of strengthening USDC infrastructure, securing in-principle approval from Abu Dhabi regulators to operate as a money services provider, and facilitating creative and financial innovation.
- The Creative Media Authority, through initiatives like The Circle, is pursuing a modern and regulated digital landscape for the creative sector, equipping businesses and freelancers with streamlined services in finance, such as new business setup, renewals, NOC requests, company share transfers, and director changes, among others.
