Stablecoin issuer Circle has obtained conditional registration as a digital asset service provider (DASP) from France's Financial Markets Authority (AMF).
Stablecoin issuer Circle has obtained conditional registration as a digital asset service provider (DASP) from France's Financial Markets Authority (AMF), positioning itself to benefit from the country's efforts to attract crypto companies seeking regulatory clarity.
To fully operate in France, Circle requires an electronic money institution license, which it has already applied for. The company's dollar-pegged USDC is the second-largest stablecoin by market capitalization, trailing only Tether's USDT. Circle also issues a euro-pegged coin, EURC.
France has been actively encouraging crypto companies to establish a presence within its borders, offering a regulatory environment that contrasts with the uncertainty in the United States. The European Union's Markets in Crypto Assets (MiCA) legislation, which will come into effect next year, provides a harmonized regulatory framework for crypto assets across the bloc's 27 member states.
Jeremy Allaire, co-founder, CEO and Chairman at Circle, said:
“For over a decade, Circle has embraced a regulatory-first approach in advancing the use of blockchain technology and full-reserve payment stablecoins to empower businesses, promote financial inclusion and drive internet-speed global payments. The issuance of this conditional DASP registration in France marks a significant early milestone as we work towards establishing our European regulatory platform.”
To lead its licensed operations in France, Circle has appointed Coralie Billmann, who previously held leadership positions at JPMorgan and PayPal. Allaire stated that Billmann’s experience and leadership will be “instrumental” in Circle’s expansion in France.
Circle's move to France reflects the growing importance of regulatory clarity for crypto companies. The company's registration as a DASP demonstrates its commitment to operating in compliance with local regulations and underscores France's attractiveness as a crypto hub within the European Union.
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