Circle, a leading stablecoin issuer, has announced that it has received conditional registration under France’s cryptocurrency laws. This move signifies Circle’s commitment to responsible innovation in fintech and digital assets, as well as its intention to leverage France’s dynamic entrepreneurial ecosystem.
Circle 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). However, before the company can begin its operations in France, it must obtain approval as a payment services provider (PSP) or register as an agent of a PSP. To meet this requirement, Circle has applied for an Electronic Money Institution (EMI) license. This licensing process will also ensure compliance with the European Union’s Markets in Crypto-Assets (MiCA) regime.
Circle has selected Coralie Billmann to lead its operations in France, pending regulatory approval. Billmann brings extensive experience to the role, having previously worked at the European payments platform, 3S Money, as well as JP Morgan and PayPal Luxembourg. She will serve as Circle’s Europe VP initially and will assume the role of President of Circle France in the near future.
Coinbase, another prominent player in the cryptocurrency industry, has also obtained regulatory status in France, similar to Circle. However, unlike Circle, Coinbase’s status appears to be finalized, rather than being conditional. Despite the dissolution of their joint venture, the CENTRE Consortium, both Coinbase and Circle continue to maintain a strong partnership.
Both Circle and Coinbase have gained recognition for their significant contributions to the stablecoin market. They are known for issuing and supporting the USDC stablecoin, which is pegged to the U.S. dollar. In addition, they also provide and back the EURC stablecoin, which is pegged to the euro. Their stablecoins offer stability and liquidity in the cryptocurrency space, making them attractive to individuals and businesses alike.
Circle’s conditional registration as a stablecoin issuer in France highlights its commitment to responsible innovation and compliance with regulatory frameworks. The selection of France as its European regulatory base demonstrates the country’s favorable environment for fintech and digital asset innovation. With Coralie Billmann at the helm, Circle is well-positioned to expand its operations and make a significant impact on the French cryptocurrency market. As Circle and Coinbase continue their partnership, they will play a crucial role in driving the adoption and mainstream usage of stablecoins globally.