Circle is First Global Stablecoin Issuer to Comply with MiCA, EU’s Landmark Crypto Law
July 01 2024 - 11:32AM
Business Wire
Circle’s French entity is launching USDC and
EURC issuance in the EU in compliance with one of the world’s most
comprehensive regulatory regimes for digital assets
Circle, a global financial technology firm and the issuer of
USDC and EURC, has today announced that it has become the first
global stablecoin issuer to achieve compliance with the European
Union's landmark Markets in Crypto-Assets (MiCA) regulatory
framework.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240701820713/en/
Circle's Coralie Billmann, Jeremy
Allaire, Patrick Hansen | Photo Credit: Tristan Montalbot
This achievement was enabled by the company’s attainment of an
Electronic Money Institution (EMI) license (’agrément en qualité
d'établissement de monnaie électronique) from the Autorité de
Contrôle Prudentiel et de Résolution (ACPR), the French banking
regulatory authority. With this license, both USDC and EURC are now
being issued in the EU in compliance with MiCA’s regulatory
obligations for stablecoins or e-money tokens, which took effect
yesterday, according to the law today and subject to potential
clarifications on the interpretation of the law by the European
Commission.
As part of attaining compliance with this comprehensive
regulatory regime, Circle Mint is officially available for business
customers in Europe. Equipped with local banking capabilities,
Circle Mint France provides near-instant and cost-effective access
to mint and redeem USDC and EURC throughout the European
market.
“Since our founding, Circle has sought to build durable,
compliant, and well-regulated infrastructure for stablecoins, and
our adherence to MiCA, which represents one of the most
comprehensive crypto regulatory regimes in the world, is a huge
milestone in bringing digital currency into mainstream scale and
acceptance,” said Jeremy Allaire, Co-Founder and Chief Executive
Officer at Circle. “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 to the European market,
unlocking the enormous potential of digital assets to transform
finance and commerce.”
"Achieving MiCA compliance through our French EMI license is a
significant step forward, not just for Circle, but for the entire
digital financial ecosystem in Europe and beyond," said Dante
Disparte, Chief Strategy Officer and Head of Global Policy at
Circle. "As digital assets become increasingly integrated into the
mainstream financial landscape, it is essential that we establish
robust, transparent frameworks to promote trust and adoption.
Today’s announcement further reinforces our commitment to building
a more inclusive, compliant future for internet finance."
"Circle's success in obtaining this license is the result of
close collaboration over many months between the regulatory teams
in charge of ACPR authorizations and the Circle France team," said
Coralie Billmann, Managing Director of Circle France.
Of the top 10 stablecoins by market capitalization, only USDC is
currently MiCA-compliant. This milestone underscores Circle's
commitment to regulatory compliance for dollar and euro
stablecoins. The company's proactive approach to meeting high
standards of security, transparency and oversight will help drive
the mainstream adoption of regulated digital currencies.
About Circle
Circle is a global financial technology firm that enables
businesses of all sizes to harness the power of digital currencies
and public blockchains for payments, commerce and financial
applications worldwide. Circle is the issuer of USDC and EURC -
highly liquid, interoperable, and trusted money protocols on the
internet. Circle’s open and programmable platform and APIs make it
easy for organizations to run their internet-scale business,
whether it is making international payments, building
globally-accessible Web3 apps, or managing their internal treasury.
Learn more at https://circle.com.
Disclaimer
This marketing communication is issued by Circle Internet
Financial Europe SAS, a licensed Electronic Money Institution and
registered Digital Assets Services Provider in France. White Papers
relating to electronic money tokens that we issue in the European
Economic Area (EEA) ("EMT") are published and available on our
website. Holders of EMT have the right of redemption against the
issuer at any time and at par value. Contact: Web:
http://www.circle.com | Email: EEA-Customer-Support@circle.com |
Phone number : +33 (1) 59000130
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240701820713/en/
Press Contact: press@circle.com