USDC Issuer Circle Files for Regulatory Approvals in France Amid Regional Expansion

Circle has filed applications to have its services licensed in France to establish the country as its gateway to the European Market.

The company behind USDC stablecoin and Euro Coin announced on Tuesday that it had filed applications with the French regulator Autorité des Marchés Financiers (AMF) as a licensed electronic money institution and a registered Digital Asset Service Provider (DASP).

If granted, the license would enable Circle to offer multiple crypto products and services to its clients in France in compliance with the local laws and the anticipated EU’s Market in Crypto-Assets (MiCA) regulations, which among other provisions, requires that all the custodial and non-custodial crypto service providers be licensed.

‘‘We are excited to kick our European growth strategy into high gear with this application. France’s comprehensive efforts towards innovation-forward crypto regulation are commendable and closely align with Circle’s vision for the future of the digital payments sector, co-founder and CEO of Circle, Jeremy Allaire, said.

Opportunity to drive Euro Coin growth in Europe

According to the press release, the Boston-based financial technology company also expects to use the opportunity to push Euro Coin, its euro-backed stablecoin, in the region.

Circle’s entry into France, according to the local authorities, fosters the position of the European economy as a crypto-friendly destination, presumably a Web 3 technology hub, comments shared by the country’s Minister Delegate to the Ministry of Economy, Finance and Industrial and Digital Sovereignty, Jean-Noël Barrot.

‘‘We are more convinced than ever that France has all the assets to become a global reference for blockchain-based innovation and the digital economy, Barrot said. ‘‘We are delighted and honored that Circle chose France as the base for the development of its activities in Europe, a decision that fully validates France’s ambition to become a hub for Web 3 technologies.’’

Since its launch in 2013, Circle has acquired a money transmitter license in 48 jurisdictions in the US and a Major Payments Institution License holder in Singapore.