Circle seeks regulatory approvals in France
Circle, a global digital financial technology firm and the issuer of USDC and EUROC, has today announced it has filed applications in France to become both a licensed Electronic Money Institution (demande d’agrément en qualité d’établissement de monnaie électronique) and a registered Digital Asset Service Provider (DASP) (demande d’enregistrement en qualité de prestataire de services sur actifs numériques) under the requirements set out by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Autorité des Marchés Financiers (AMF).
Circle’s intent to pursue full approval from the AMF could make it the first company to receive full authorisation under the DASP regulatory regime.
This move signifies Circle’s commitment to expanding its operations in Europe, where France would become a key hub for regional activity. Registration with the AMF will enable Circle to offer a suite of products and services to customers in France in full compliance with local regulations.
The permissions granted as a Prestataire de service sur actifs numériques (PSAN) institution will enable Circle to on-shore its flagship product for the European market – EUROC – a reserve-backed stablecoin, and begin the process of enabling EUROC to become a Markets in Crypto-Assets (MiCA) conforming e-money token under the new regime.
“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,” said Jeremy Allaire, Co-Founder and CEO of Circle. “The DASP registration provides an initial path to support sensible digital asset innovation. Further, we aspire to become one of the first companies to achieve full-authorisation under the reinforced PSAN licensing regime, and hope that our growth plans for the country will strengthen its position as a global hub for innovation.”
“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.” said Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy.