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USDC Issuer Circle Selects France For Its European Expansion

Circle Internet Financial, the issuer of USD Coin (USDC) stablecoin, has applied for regulatory approval in France, selecting the country for its European expansion. The firm has filed applications for becoming a licensed Electronic Money Institution (EMI) and a registered Digital Asset Service Provider (DASP) in France.

Circle in a press release on March 21 announced it has filed applications to seek both an Electronic Money Institution license and Digital Asset Service Provider registration under the French Prudential Supervision and Resolution Authority and French Financial Markets Authority (AMF).

Circle seeks to become the only company under the DASP regulatory regime to receive full authorization from the AMF. Moreover, the company plans to expand its presence and engagement with regulators across the European market, with its operations in France.

Under the European Union’s MiCA regulation, all digital asset companies including stablecoins issuers are required to apply for the license in order to provide services from 2024. Moreover, it will enable Circle to start working on Euro Coin (EUROC) stablecoin and make it a leading e-money token under the new regime.

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Jeremy Allaire, Co-Founder and CEO of Circle, said:

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Circle Follows Other Crypto Firms Expanding To France

Several crypto providers including Binance and had set their European operations in France due to crypto-friendly regulators and rising crypto adoption. Meanwhile, Circle is facing pressure from regulatory tightening and the banking crisis in the U.S.

Last week, Circle’s USDC depegged to the US dollar, falling to $0.87, after the firm revealed that it has $3.3 billion exposure to Silicon Valley Bank.