USDC issuer Circle announced that it has applied to the Financial Regulators in France to double its European operations.
Circle Applies for Regulatory Approvals in France
The company has applied for Electronic Money Institution (EMI) and Digital Asset Service Provider (DASP) licenses to expand its European operations and to operate legally in France. The application will be evaluated according to the rules set by the Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). 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. 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.”
Circle Expands to Europe
If the application is approved by the Autorité des Marchés Financiers, the company will be the first to be fully authorized under the DASP regulatory regimes. In addition, the license approval will allow USDC issuer to expand its European operations, and its French customers will be safe in the knowledge that they are receiving products and services from a fully authorized company. Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance and Industrial, and Digital Sovereignty, in charge of Digital Transition and Telecommunications, said:
“We are delighted and honored that company chose France as the base for the development of its activities in Europe. This decision fully validates France’s ambitions to become a hub for Web3 technologies, pursued with strong leadership by President Macron and Minister Bruno Le Maire since 2017. The deeply rooted expertise and experience of the French authorities on the crypto-asset sector will allow Circle to benefit from a harmonized and robust approach, supported by the MiCA regulation, all along its licensing process and beyond. Circle’s choice is one more important proof that the French government’s policy measures aimed at fostering the growth of an innovative crypto-asset sector, designed to be robust and secure, is fully paying off.”
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