Circle Obtained an Electronic Money Institution (EMI) license from the French banking authorities. european union(EU) Cryptocurrency Market (MiCA) Regulatory Framework.
This license allows Financial Crisis Management Office (ACPR), the French subsidiary of the Circle is currently USDC and EUR In an announcement on Monday (July 1), the company said it would issue a stablecoin that complies with MiCA’s regulatory obligations regarding stablecoins or eMoney tokens. press release.
Jeremy AlaïaThe Circle co-founder and CEO said in a release that the achievement is a “major milestone in bringing digital currencies to mainstream scale and acceptance.”
“Working closely with French and EU regulators, we will be able to offer both USDC and EURC as fully compliant dollar and euro stablecoins to the European market, unlocking the enormous potential of digital assets to transform finance and commerce,” Allaire said.
MiCA compliant Circle Mint According to the announcement, France is offering corporate clients across the European market access to the issuance and redemption of USDC and EURC.
“Today’s announcement further strengthens our commitment to building a more inclusive and compliant future for internet finance.” Dante Disparte“We are thrilled to be working with Circle to bring this technology to market,” Circle’s chief strategy and global policy officer said in a release.
When Circle was designated a Digital Asset Service Provider (DASP) in France in December, it said its goal was to obtain both a full DASP and EMI license under ACPR standards to place its European operations under comprehensive EU oversight, while also ensuring its products and services are compliant with MiCA regulations.
PYMNTS reported that MiCA made the EU one of the first jurisdictions in the world to introduce a comprehensive set of rules regarding cryptocurrencies and their use in April 2023, when EU lawmakers adopted the cryptocurrency licensing framework.
MiCA came into effect at the end of June, making compliance with the framework a top priority for stablecoin issuers, custodians, exchanges, crypto advisory firms and crypto portfolio managers.
Allaire said in January that countries around the world are rapidly adopting cryptocurrency regulations, with other governments regulating dollar-denominated digital currencies before the U.S.
