Stablecoin issuer circle has applied to register as a crypto company in France, making the country a hub for expanded European operations. jackschickler reports
Stablecoin issuer Circle has filed applications to register as a crypto provider in France, and to gain a license as an e-money provider, the company said Tuesday.
Circle said it is seeking to make France a hub for expanded European operations and is preparing for new European Union rules that require stablecoin issuers to manage stability risks. “We are excited to kick our European growth strategy into high gear with this application,” Jeremy Allaire, Circle’s chief executive officer, said in an emailed statement, referring to France’s “comprehensive efforts towards innovation-forward crypto regulation.”
Registration requires companies to undergo checks on governance and money-laundering protocols, enabling them to serve the French market. Circle also said it wants its euro-backed stablecoin EUROC to conform with the EU’s Markets in Crypto-Assets regulation. It requires issuers of any cryptocurrencies tied to fiat to hold reserves and imposes caps on the trading of those matched to foreign currencies like the U.S. dollar.
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