In a press release, Circle has told the community that it has made progress on its mission to double the growth in the European Union. According to the press release, Circle has applied for a license in France to act as an Electronic Money Institution and Digital Asset Service Provider.
However, it will first have to meet the requirements of the Autorité de Contrôle Prudentiel et de Résolution, also known as ACPR, and the Autorité des Marchés Financiers, otherwise known as AMF. Provided Circle meets all its requirements and goes through with the licensing process, it is likely to become the first-ever venture to acquire full authorization under the regulatory regime of DASP, short for Digital Asset Service Provider.
Circle is the global digital financial technology firm that is credited with the issuance of EUROC and USDC.
The application for a license in France aligns with Circle’s commitment to growing its business within the European Union. Getting the license could change the course for Circle, considering its plans to make France a hub for all its regional activities in the area.
Customers in France are undoubtedly in for a treat because they will have access to Circle’s extensive selection of goods and services. Offerings will be in line with local rules, so French customers will know they are dealing with something real.
EUROC is currently in question; on-shoring is merely a challenge, but the wait time could differ depending on how fast PSAN, Prestataire de service sur actifs numériques, grants the permission. Following the receipt of the permission, EUROC will be made available under the category of its flagship offering, thereby making it MiCA, short for Markets in Crypto-Assets.
EUROC is a stablecoin that is backed by reserves. It could soon be a conforming e-money taken in France.
Circle’s pursuit of a license for its operations is consistent with its stance of regulation first, which it maintained from its founding in 2013. Circle encourages digital currencies backed by fiat currencies and containing adequate reserves. The ultimate objective is to promote financial inclusion and drive cost-effective global payments.
Forty-eight American jurisdictions have already granted their approvals to Circle, allowing the venture to act as a licensed money transmitter. Circle also features as a Major Payments Institution in Singapore.
Jeremy Allaire, the Chief Executive Officer of Circle, has expressed excitement with the European growth strategy while appreciating France for its comprehensive efforts in crypto regulation that are driven by innovation.
Jean-Noel Barrot, an authority in charge of Digital Transition and Telecommunication, has said that they are honored to have been chosen by Circle and that the decision validates the ambitions of France in becoming a hub for the Web3 sphere.
Circle’s Chief Strategy Officer, Dante Disparte, said that they are committed to working more closely with European market regulators. Dante has further added that customers will have a faster and safer means of exchanging value among themselves.
