Stablecoin Issuer Circle Obtained Conditional Registration as DASP In France!

Ben
Fri, 22 Dec 2023 08:28:55 +0000
AMF, Compliance, Crypto, Circle

Circle, the issuer of the stablecoin USDC, has taken a significant step in expanding its European presence by obtaining conditional registration as a Digital Asset Service Provider (DASP) from France’s Financial Markets Authority (AMF). This move comes as France, the second-largest economy in the EU, actively seeks to position itself as a favorable destination for crypto companies amid regulatory uncertainties in the U.S.

Requirements for Full Operation in France

For Circle to commence full operations in France and remove the conditions attached to its registration, the company must secure an electronic money institution license. Circle has already initiated the application process for this license. The company is widely known for its dollar-pegged USDC, the second-largest stablecoin by market cap after Tether’s USDT, and also issues a euro-pegged coin, EURC.

France’s Crypto-Friendly Stance

France is positioning itself as a hub for crypto businesses by offering a regulatory environment that is perceived as more stable and clear compared to the current landscape in the U.S. This effort aligns with the broader European Union strategy, especially in the wake of the recently passed Markets in Crypto Assets (MiCA) legislation. MiCA, set to be enforced across the EU’s 27 member countries next year, represents a significant step in the standardization of crypto asset regulation in Europe.

Circle’s Strategic Decision and Leadership Appointment

Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy highlighted France’s conducive rules for fintech innovation and digital assets as key factors in selecting the country as Circle’s European regulatory base. He also emphasized France’s dynamic technological and financial services ecosystem as advantageous for the company’s growth.

In line with these plans, Circle has appointed Coralie Billmann to lead its licensed operations in France. Billmann brings valuable experience from her previous roles in tech sales expansion at JPMorgan and as the Treasurer for Europe, Middle East, and Africa at PayPal.