Circle Internet Financial, the issuer of USD Coin (USDC) stablecoin, has applied for regulatory approval in France, selecting the country for its European expansion. The firm has filed applications for becoming a licensed Electronic Money Institution (EMI) and a registered Digital Asset Service Provider (DASP) in France.
Circle in a press release on March 21 announced it has filed applications to seek both an Electronic Money Institution license and Digital Asset Service Provider registration under the French Prudential Supervision and Resolution Authority and French Financial Markets Authority (AMF).
Circle seeks to become the only company under the DASP regulatory regime to receive full authorization from the AMF. Moreover, the company plans to expand its presence and engagement with regulators across the European market, with its operations in France.
Under the European Union’s MiCA regulation, all digital asset companies including stablecoins issuers are required to apply for the license in order to provide services from 2024. Moreover, it will enable Circle to start working on Euro Coin (EUROC) stablecoin and make it a leading e-money token under the new regime.
Jeremy Allaire, Co-Founder and CEO of Circle, said:
“We are excited to kick our European growth strategy into high-gear with this application. 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 Follows Other Crypto Firms Expanding To France
Several crypto providers including Binance and Crypto.com had set their European operations in France due to crypto-friendly regulators and rising crypto adoption. Meanwhile, Circle is facing pressure from regulatory tightening and the banking crisis in the U.S.
Last week, Circle’s USDC depegged to the US dollar, falling to $0.87, after the firm revealed that it has $3.3 billion exposure to Silicon Valley Bank.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.