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You are at:Home » Circle Files Applications for Licenses in France to Expand European Operations
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Circle Files Applications for Licenses in France to Expand European Operations

The permissions granted as a Prestataire de service sur actifs numériques institution will enable Circle to offer its flagship EUROC product to the European market.
Ravi KumarBy Ravi KumarMarch 21, 2023Updated:March 22, 2023No Comments3 Mins Read
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Circle Files Applications for Licenses in France to Expand European Operations
Jeremy Allaire, Co-Founder and CEO of Circle.
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Key Takeaways

  • Circle has filed applications in France to become both a licensed Electronic Money Institution (EMI) and a registered Digital Asset Service Provider (DASP).
  • Registration with the Autorité des Marchés Financiers (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.
  • Circle’s intent to pursue full approval from the AMF could make it the first company to receive full authorization under the DASP regulatory regime.

Circle, a global digital financial technology firm and issuer of USDC and EUROC, has applied for registration in France to become a licensed Electronic Money Institution and a registered Digital Asset Service Provider under the regulations set out by the Autorité de Contrôle Prudentiel et de Résolution and Autorité des Marchés Financiers. The move signals Circle’s commitment to expanding operations in Europe, with France becoming a key hub for the company’s activities.

The permissions granted as a Prestataire de service sur actifs numériques institution will enable Circle to offer its flagship EUROC product to the European market. The stablecoin, which is backed by reserves, will become a Markets in Crypto-Assets conforming e-money token under the new regime.

Circle has embraced a regulation-first approach since 2013, promoting the use of fully-reserved, fiat-backed digital currencies to drive internet-speed, cost-effective global payments, and promote financial inclusion. The company is headquartered in Boston, already regulated as a licensed money transmitter across 48 jurisdictions in the U.S., and holds in-principle approval as a Major Payments Institution License holder in Singapore.

Circle CEO Jeremy Allaire believes that 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 French government’s policy measures aim to foster the growth of a robust and secure innovative crypto-asset sector, making it a hub for Web3 technologies, and Circle’s move validates France’s ambitions to become a global reference for blockchain-based innovation and digital economy.

Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, said the company is committed to expanding its presence and engagement with regulators in the European market.

Circle’s open and programmable platform and APIs make it easy for organizations both large and small to run their internet-scale business, managing their internal treasury, making international payments or automating supply chains.

Circle hopes to become one of the first companies to achieve full-authorisation under the reinforced PSAN licensing regime, and it aspires that its growth plans for France will strengthen its position as a global hub for innovation.

Circle’s move to register as a licensed Electronic Money Institution and a registered Digital Asset Service Provider under the regulations set out by the Autorité de Contrôle Prudentiel et de Résolution and Autorité des Marchés Financiers would make it the first company to receive full authorisation under the DASP regulatory regime, providing an initial path to support sensible digital asset innovation.

Read Also: Lugh Announces The Creation Of The First French Digital Asset Pegged To The Euro

Circle Digital Assets France
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Ravi Kumar
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Ravi is Founder and Chief Content Officer of AlexaBlockchain. He writes about everything at the cross-section of blockchain, crypto, AI, markets, and the economy. Ravi can be reached at ravi@alexablockchain.com

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