Regulation
Circle Achieves EMI License and MiCA Compliance
Circle has obtained the Electronic Money Institution (EMI) license from the French banking authority, thus achieving compliance with European Union(EU) Cryptocurrency Markets (MiCA) regulatory framework.
With this license of the Prudential Control and Resolution Authority (ACPR), Circle’s French entity is now issuing USDC AND EURC stablecoins that comply with MiCA’s regulatory obligations for stablecoins or eMoney tokens, the company said in a statement on Monday (July 1) Press release.
Jeremy AllaireCircle co-founder and CEO, said in the release that this achievement represents “a huge milestone in bringing digital currency to scale and mainstream acceptance.”
“By working closely with French and EU regulators, we are now able to offer both USDC and EURC as fully compliant dollar and euro stablecoins in the European market, unlocking the enormous potential of digital assets to transform finance and commerce,” said Allaire.
After obtaining MiCA compliance, Mint circle According to the release, France is offering corporate clients across the European market access to minting and redeeming USDC and EURC.
“Today’s announcement further strengthens our commitment to building a more inclusive and compliant future for Internet finance,” Dante Awaysaid in the release, responsible for Circle’s global strategy and policy.
Circle said in December, when he was appointed digital asset service provider (DASP) in France, whose aim was to subject its European operations to full EU oversight, with a full DASP and EMI license according to ACPR standards, while adapting its products and services to MiCA standards.
With MiCA, the EU has become one of the first jurisdictions in the world to introduce a comprehensive set of rules on the matter. cryptocurrencies and their use, PYMNTS reported in April 2023, when EU lawmakers adopted the crypto licensing framework.
With the entry into force of the MiCA at the end of June, compliance with this regulatory framework has been a priority for stablecoin issuerscustodian firms, exchanges, cryptocurrency advisory firms, and cryptocurrency wallet managers.
Allaire said in January that countries around the world are rapidly adopting cryptocurrency regulationswith other governments regulating dollar-based digital currencies before the United States.
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