- Circle wants to become the first crypto firm to get full authorization to offer its products and services in France.
- The company launched its euro-backed stablecoin EUROC last year.
- Circle’s application comes just days after USDC fell to $0.87.
The cryptocurrency industry experienced a shock ten days ago when the second largest stablecoin USDC depegged and fell to as low as $0.87.
However, it took just a few days for USDC to regain its dollar peg. A week later, Circle, the issuer of USDC, is already looking to expand to Europe.
Circle Applies for French Crypto License
Circle surprised market observers on Tuesday with an announcement that it was actively trying to expand to Europe.
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Circle said that it had filed applications in France to become both a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP).
Circle co-founder and CEO Jeremy Allaire said that France’s efforts towards “innovation-forward crypto regulation are commendable” and align with Circle’s long-term vision.
“The DASP registration provides an initial path to support sensible digital asset innovation. Further, we aspire to become one of the first companies to achieve full authorisation under the reinforced PSAN licensing regime, and hope that our growth plans for the country will strengthen its position as a global hub for innovation.”
Getting regulatory approvals would allow Circle to offer its products and services in France in compliance with local law. One of those products is the euro-backed stablecoin EUROC, which Circle wants to introduce to Europe.
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Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance and Industrial, and Digital Sovereignty, in charge of Digital Transition and Telecommunications, said France is “delighted and honored” that Circle chose France as the base for the development of its activities in Europe.
“Circle’s choice is one more important proof that the French government’s policy measures aimed at fostering the growth of an innovative crypto-asset sector, designed to be robust and secure, is fully paying off. We are more convinced than ever that France has all the assets to become a global reference for blockchain-based innovation and digital economy.”
If Circle gets licensed, the company will become the first entity to receive full authorization under the French DASP regulatory regime.
On the Flipside
- The recent USDC depegging event can make it much harder for Circle to get regulatory approval in France.
Why You Should Care
Circle is a company that does a lot to foster crypto adoption worldwide. If it obtains regulatory approval in France, that would be a huge step towards stablecoin adoption and crypto growth in general in Europe.
Read more about Circle’s USDC efforts in the U.S.:
Circle Pushes for Fed USDC Support Following SVB Collapse
Read more about price predictions for ARB:
Binance to List Arbitrum Token: Is ARB Going to $10?
