To commence operations in France, Circle must fulfil conditions tied to its registration, requiring approval as a payment services provider (PSP) or registration as an agent of a PSP. The company has applied for an Electronic Money Institution license to satisfy this requirement.
In the official press release, representatives from Circle highlighted the company's regulatory-first approach and the significance of the conditional DASP registration in France. They also emphasised the selection of France as the European regulatory base, citing the country's clear rules for responsible innovation in fintech and digital assets. Circle expressed gratitude for the support of De Gaulle Fleurance & Associés in the regulatory application process.
Circle aims to subject its European operations to comprehensive EU oversight by obtaining both a full DASP and Electronic Money Institution license under the standards set by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This aligns with the company's objective to comply with the forthcoming Markets in Crypto-Assets (MiCA) regime.
Circle is a worldwide financial technology company that facilitates businesses of various scales in leveraging digital currencies and public blockchains for payment processes, commercial transactions, and global financial applications. As the issuer of USDC and EURC, Circle provides highly liquid, interoperable, and trusted monetary protocols on the internet.
With an open and programmable platform, along with accessible APIs, Circle enables organisations to efficiently operate their internet-scale businesses. This includes facilitating international payments, constructing globally accessible Web3 applications, and managing internal treasuries.
In December 2023, Brazil-based financial services platform Nubank has partnered with Circle to increase access to the Digital Dollar for Brazilians.
The initial plan was to introduce USDC support through Nubank Cripto, allowing Brazilian users to purchase and hold digital dollars. Subsequent integration with Nubank's extensive digital banking platforms holds the promise of offering customers the advantages of blockchain-driven financial services facilitated by USDC.
In November 2023, Circle partnered with SBI Holdings to support the circulation of USDC in Japan. This partnership aimed to facilitate the adoption of USDC and Web3 services in Japan, but the move also aligned with the Japanese government's revisions to the Payment Services Act in June 2023, establishing regulations for stablecoins. Circle anticipated that these regulations would encourage the issuance and circulation of stablecoins in Japan, fostering the country's transition toward a Web3 economy.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now