Stablecoin issuer Circle files applications to become a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP) in France.
According to the announcement, “this move signifies Circle’s commitment to expanding its operations in Europe, where France would become a key hub for the company’s operations.”
Circle filed applications under the French Prudential Supervision and Resolution Authority and French Financial Markets Authority (AMF).
Circle aims for a full AMF approval, which might make it the first company to be fully authorized under the DASP regulatory framework.
The stablecoin issuer will be able to provide a variety of services and products to users in France in complete accordance with laws if the registration with AMF gets a green flag.
If Circle becomes a PSAN institution, it will be able to offer EUROC stablecoin in France and the entire European market.
It seeks to make EUROC a leading digital token “under the new regime” in compliance with a Markets in Crypto-Assets (MiCA).
Also Read: European Union Delays Vote on MiCA to April
Jeremy Allaire, Co-Founder and CEO of Circle 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.”
Circle is now the talk of the town since the collapse of Silicon Valley Bank (SVB). USDC faced a de-peg after disclosing a $3.3B deposit in the collapsed SVB, now trading at a price of $0.999.
Meanwhile, France to soon pass strict licensing laws for crypto firms after a bill received approval from the French Senate which requires France-based crypto service providers to follow more stringent anti-money laundering regulations and provide more thorough risk and conflict of interest disclosures.
