FinTech Circle Applies For French Licence To Debut Its EUROC Stablecoin

Circle is furthering its embrace of regulation by applying for approvals in France.

The digital financial technology firm has filed applications in France to become a licensed electronic money institution and a registered digital asset service provider (DASP), Circle said in a Tuesday (March 21) press release.

Registering with the Autorité des Marchés Financiers (AMF) will allow Circle to offer products and services to customers in France while becoming a Prestataire de service sur actifs numériques (PSAN) institution. It will enable it to deploy its reserve-backed stablecoin EUROC, according to the press release.

Related: Circle Debuts A Crypto Pegged To Euro

Achieving that will also enable the firm to begin the process of making EUROC a Markets in Crypto-Assets (MiCA) conforming eMoney token, the release said.

“We are excited to kick our European growth strategy into high gear with this application,” Circle Co-founder and CEO Jeremy Allaire said in the release. “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.”

These applications further Circle’s approach of embracing regulation and enabling fast, cost-effective global payments via fiat-backed digital currencies, according to the press release.

Currently, the company is regulated as a licensed money transmitter in 48 jurisdictions in the United States and has in-principle approval as a major payments institution license holder in Singapore, the release said.

The applications also advance Circle’s plan to expand in Europe and make France a key hub for its operations, per the release.

“Circle’s choice is one more important proof that the French government’s policy measures aimed at fostering the growth of an innovative crypto-asset sector, designed to be robust and secure, is fully paying off,” Jean-Noël Barrot, minister delegate to the Ministry of Economy, Finance and Industrial and Digital Sovereignty, in charge of Digital Transitions and Telecommunications, said in the release. “We are more convinced than ever that France has all the assets to become a global reference for blockchain-based innovation and digital economy.”

France’s AMF offers an optional licensing system launched in 2019 but has had no crypto service providers sign up for it. Instead, more than 50 such firms have obtained a registration from the AMF that is less stringent.