Circle, a worldwide leader in digital financial technology and the creator of the digital currencies USDC and EUROC, has announced that it has applied for a French license. If approved, Circle will be recognized as an electronic money institution and a digital asset service provider.
With this move, Circle is serious about making France its European headquarters. By registering with the AMF, Circle can provide its entire range of goods and services to consumers in France by all applicable laws and rules.
Following the move, Circle could bring its flagship product EUROC to the European market. Moreover, EUROC could become an e-money token complying with the new EU crypto regulation, MiCA.
Circle has taken a regulation-first stance since its founding in 2013. The firm has received in-principle approval as a major payments institution license holder in Singapore and is regulated as a licensed money transmitter in 48 jurisdictions throughout the United States.
With this application, Circle, which recently made headlines ahead of USDC’s depegging, aims to accelerate its European expansion. Circle’s outlook on the future of the digital payments industry is very congruent with France’s dedication to progressive crypto legislation, according to Circle’s co-founder and CEO Jeremy Allaire.
As such, Circle’s decision is more evidence that the French government’s legislative efforts to encourage the development of a novel crypto-asset sector built to be resilient and secure are having the desired effect. Minister of digital transition Jean-Nol Barrot commented on the matter:
“To have Circle’s European headquarters located in France is an incredible honor for us. France’s efforts under President Macron and Minister Bruno Le Maire’s able direction since 2017 have been validated by this decision to become a hub for Web3 technologies.”
Minister of digital transition Jean-Nol Barrot
