Circle Applies for Regulatory Approval in France for European Expansion

Circle Internet Financial, the company behind the USD Coin (USDC) stablecoin, has chosen France as its location for European expansion and has applied for regulatory approval in the country. 

Circle has submitted applications to become a licensed Electronic Money Institution (EMI) and a registered Digital Asset Service Provider (DASP) in France.

In a press release on March 21, Circle stated that it has submitted applications for an Electronic Money Institution license and Digital Asset Service Provider registration with the French Prudential Supervision and Resolution Authority and the Financial Markets Authority (AMF) in France.

Circle aims to be the sole company operating under the DASP regulatory regime to receive complete authorization from the AMF. The company also intends to increase its presence and regulatory engagement across Europe by establishing operations in France.

Starting in 2024, all digital asset companies, including stablecoin issuers, are required to apply for a license under the European Union's MiCA regulation to offer their services.

Circle's CEO and Co-Founder, Jeremy Allaire, expressed his excitement about their European expansion plans, stating that France's forward-thinking crypto regulations are in line with their vision for the future of digital payments.

France has become a preferred destination for various crypto providers such as Binance and Crypto.com to establish their European operations due to favorable crypto regulations and increasing crypto acceptance. On the other hand, Circle is encountering regulatory pressure and the banking crisis in the United States.

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