Circle USDC Expands to France

The USD Coin issuer Circle Internet Financial has applied for regulatory approval in France for its European expansion.

Digital asset companies including stablecoins issuers are all required to apply for the license under the European Union’s MiCA regulation in order to provide services from 2024 full authorization.

Application for becoming a licensed Electronic Money Institution (EMI) has been filed including registration for Digital Asset Service Provider (DASP) in France.

The company plans to expand its presence and engagement with regulators across the European market with is operations in France.

Circle expansion filing with Prudential Supervision and Resolution Authority and French Market Authority (AMF) was announced via press release on March 21 as the firm seeks to be the only company under the DASP regulatory regime to receive full authorization from the AMF.

C0-founder and CEO Jeremy Allaire stated “we are excited to kick our European growth strategy into high gear with this application. France’s comprehensive efforts towards innovation forward crypto regulation are commendable and closely align with Circle’s vision for the future of the digital payment sector.”

France has seen several crypto providers set their European operations in France due to its crypto friendly regulations as adoption increases.

The added pressure from regulatory tightening and the banking crisis in the U.S could have contributed to the timing of this expansion for Circle.