Circle, a worldwide financial technology platform that also issues EUROC and USDC tokens, has declared having filed some applications for licenses in France. In line with the applications, the platform intends to become a registered institution dealing with money as well as a licensed entity offering services related to digital assets.
Circle Endeavors to Become a Licensed Crypto-Service Provider in France with Its Latest Application
The regulatory requirements established by the French Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) are very strict. Nonetheless, the platform is attempting to get licensed within the jurisdiction to offer its services to the citizens. If authorized, Circle would become the initial platform to obtain complete approval under the regulatory regime of the AMF.
This move points toward the company’s determination to push the boundaries of its activities within Europe and France would turn into a chief hub for the operations of Circle. After being registered with the AMF, Circle will be capable of offering a package of services and products to clients in France while completely complying with regional regulations.
The permissions given to the platform will let it operate on-shore to offer EUROC (its flagship product) within the European market. It is a reserve-backed stablecoin that could become an e-money token that could conform to the latest regulatory regime set by the Markets in Crypto-Assets (MiCA). Since Circle’s inception in the year 2013, the platform has adopted a regulation-first approach to promoting the utilization of fiat-supported and completely-reserved digital currencies.
The respective currencies could empower businesses along with promoting enhanced financial inclusion as well as enhancing cost-effective and swift global payments. The Boston-headquartered firm is already known as a licensed and regulated money transmitter platform operating across nearly forty-eight jurisdictions within the United States. It also has an in-principle authorization to offer payment services in Singapore.
CEO Says the Regulatory Endeavors of France Are Aligned with Circle’s Vision
Jeremy Allaire (the CEO and co-founder of Circle) stated that the platform is enthusiastic to spread its span in the European market. According to the executive, the latest application plays a significant role in this respect. Allaire is of the view that France is making great endeavours to promote innovative initiatives related to crypto regulation. This, the executive added, is also in line with the vision of the platform to contribute to the further development of the digital-payment world.