Circle seeks to register in France as it expands in Europe

Stablecoin issuer, Circle has applied for a French crypto asset license as part of a wider growth strategy for Europe.

By Staff

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Stablecoin issuer Circle has filed applications to register as a crypto provider in France, and to gain a license as an e-money provider.

The company revealed this on Tuesday, emphasizing that it is seeking to make France a hub for expanded European operations and is preparing for new European Union rules that require stablecoin issuers to manage stability risks.

Jeremy Allaire, Circle’s Chief Executive Officer, stated in an emailed statement, “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.”

Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy also commented saying, “We are committed to expanding our presence and engagement with regulators in the European market, with our operations in France being critical to this. 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.”

Registration requires companies to undergo checks on governance and money-laundering protocols, enabling them to serve the French market.

Circle also said it wants its euro-backed stablecoin EUROC to conform with the EU’s Markets in Crypto-Assets (MiCA) regulation. It requires issuers of any cryptocurrencies tied to fiat to hold reserves and imposes caps on the trading of those matched to foreign currencies like the U.S. dollar.

Axa Investment Managers, Binance, and Societe Generale are already registered under France’s regulatory regime, which is set to get tougher as of January 2024.

MiCA is set for a final debate in the European Parliament on April 18 and will include an extra transitional provision for companies already registered within an EU member country.

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