Circle secures conditional registration in France under DASP rules News ▸ France ▸ USDC ▸ Stablecoins
Circle secures conditional registration in France under DASP rules
Circle's latest regulatory stride in France marks a step towards compliance with EU's MiCA regime.
2 min read
Updated: Dec. 22, 2023 at 11:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Stablecoin issuer Circle announced on Dec. 21 that it had received conditional registration under France’s cryptocurrency laws.
Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, said:
“The selection of France as our European regulatory base builds on the country’s clear rules for responsible innovation in fintech and digital assets, while leveraging France’s dynamic entrepreneurial, technological, banking and financial services ecosystem.”
Circle said that it is now conditionally registered as a Digital Asset Service Provider (DASP) or Prestataire de Service sur Actifs Numériques (PSAN) with France’s financial regulator, the Autorité des Marchés Financiers (AMF).
This conditional registration means that Circle must obtain approval as a payment services provider (PSP) or register as an agent of a PSP before it begins to operate in France. Circle said that it has applied for an Electronic Money Institution (EMI) to meet this requirement. The company added that licensing, in general, will allow it to comply with the EU’s Markets in Crypto-Assets (MiCA) regime.
Circle noted that it had selected Coralie Billmann to head its operations in France, subject to regulatory approval. Billman previously held positions at the European payments platform 3S Money, at JP Morgan, and at PayPal Luxembourg. Billman’s LinkedIn page indicates that she became Circle’s Europe VP this month, distinct from her upcoming role as President of Circle France.
Coinbase announced France registration yesterday
Circle’s frequent partner, Coinbase announced that it had obtained similar regulatory status in France on Dec. 21. Unlike Circle, Coinbase’s regulatory status appears to be finalized rather than conditional.
Despite the dissolution of their joint venture, the CENTRE Consortium, in August, Coinbase and Circle continue to maintain a strong partnership. Both companies have gained recognition for their role in issuing and supporting the USDC stablecoin, which is pegged to the U.S. dollar. Additionally, they also provide and back the EURC stablecoin, which is pegged to the euro.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Euro Coin (EUROC) is issued by Circle under the same full-reserve model as USD Coin (USDC), a trusted dollar digital currency with more than $54 billion in circulation.1 Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.
USD Coin
$1.00011
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.