The latest reports reveal that Circle has applied to become a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP) in France.
Circle Internet Financial is the issuer of USD Coin (USDC) stablecoin and it has applied for regulatory approval in France, choosing the European nation for its expansion in the region. The company has already filed applications for becoming a licensed Electronic Money Institution (EMI) and a registered DASP in France.
Circle said in a press release on March 21 that it has filed applications seeking an Electronic Money Institution license and Digital Asset Service Provider registration as stipulated under the French Financial Markets Authority (AMF) and French Prudential Supervision and Resolution Authority.
Circle looks to become the only firm under the DASP regulatory regime to get full authorization from the AMF. Furthermore, the firm aims to grow its presence and engagement with regulators in the European market, with its operations in France.
Under the European Union’s MiCA regulation, all digital asset firms including stablecoin issuers are needed to apply for the license to offer services from 2024.
Buy Crypto NowThe Co-Founder and CEO of Circle, Jeremy Allaire, stated:
“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.”
Many crypto providers including Crypto.com and Binance had set their European activities in France because of crypto-friendly regulators and increasing crypto adoption rates. In the meantime, Circle is facing mounting pressure from regulatory tightening and the banking crisis in the United States.
