Buy $GGsBreaking: USDC Issuer Circle Selects France For Its European Expansion
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.
Also Read: Coinbase Sends Petition To US SEC, Explains Core Staking Services Are Not Securities
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- $2T Barclays Explores Blockchain to Tap Into Stablecoin and Tokenization Boom
- Breaking: U.S. PPI Inflation Rises To 2.9%, BTC Price Falls
- XRP News: Ripple-Backed Ctrl Alt Completes $280M in Diamond Tokenization on XRPL
- Bitwise CIO Calls Bitcoin Selloff ‘Classic Cycle,’ Dismisses Manipulation Rumors
- Cardone Capital Takes Real Estate On-Chain With $5B Tokenization Plan
- Top 2 Price Predictions Ethereum and Solana Ahead of March 1 Clarity Act Stablecoin Deadline
- Pi Network Price Prediction Ahead of Protocol Upgrades Deadline on March 1
- XRP Price Outlook As Jane Street Lawsuit Sparks Shift in Morning Sell-Off Trend
- Dogecoin, Cardano, and Chainlink Price Prediction As Crypto Market Rebounds
- Will Solana Price Rally to $100 If Bitcoin Reclaims $72K?
- XRP Price Eye $2 Rebound as On-Chain Data Signals Massive Whale Accumulation
