Stablecoin issuer Circle has announced its plans to expand its European operations and prepare for new reserve requirements under the EU’s Markets in Crypto-Assets (MiCA) law. In a move that could make it the first company to receive full authorization under the Digital Asset Service Provider (DASP) regulatory regime, Circle has filed applications to register as a crypto provider in France, and to gain a license as an e-money provider.
"We are excited to kick our European growth strategy into high gear with this application," said Jeremy Allaire, Circle's chief executive officer. "France's comprehensive efforts towards innovation-forward crypto regulation are commendable and closely align with Circle's vision for the future of the digital payments sector."
Circle's application for registration with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Autorité des Marchés Financiers (AMF) signifies its commitment to expanding its operations in Europe, where France would become a key hub for the company's operations. Once registered as a Prestataire de service sur actifs numériques (PSAN) institution, Circle will be able to offer its suite of products and services to customers in France in full compliance with local regulations.
Circle's euro-backed stablecoin, EUROC, is its flagship product for the European market. Registration with the AMF will enable Circle to on-shore EUROC and begin the process of enabling it to become a Markets in Crypto-Assets (MiCA) conforming e-money token under the new regime.
"We are committed to expanding our presence and engagement with regulators in the European market, with our operations in France being critical to this," said Dante Disparte, Circle's Chief Strategy Officer and Head of Global Policy. "We look forward to continuing to work with the AMF and the ACPR as we expand the application of our product suite in France, offering individuals and businesses safer, faster, and more economical means of exchanging value."
Circle is a global digital financial technology firm and the issuer of USDC and EUROC. The company has embraced a regulation-first approach in promoting the use of fully-reserved, fiat-backed digital currencies to empower businesses, promote financial inclusion, and drive internet-speed, cost-effective global payments. Circle is already regulated as a licensed money transmitter across 48 jurisdictions in the U.S., and holds in-principle approval as a Major Payments Institution License holder in Singapore.
Circle's choice of France as the base for the development of its activities in Europe is a strong endorsement of the country's ambitions to become a hub for Web3 technologies. "We are delighted and honored that Circle chose France as the base for the development of its activities in Europe," said Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance and Industrial and Digital Sovereignty, in charge of Digital Transition and Telecommunications. "We are more convinced than ever that France has all the assets to become a global reference for blockchain-based innovation and digital economy."
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