Stablecoin issuer Circle announced on December 21 that it had received conditional registration under French cryptocurrency laws.
Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, said:
“The choice of France as our European regulatory base builds on the country’s clear rules for responsible innovation in fintech and digital assets, while leveraging France’s dynamic ecosystem in entrepreneurship, technology, banking and financial services .”
Circle said it has now been conditionally registered as a Digital Asset Service Provider (DASP) or Prestataire de Service sur Actifs Numériques (PSAN) with the French financial regulator, the Autorité des Marchés Financiers (AMF).
This conditional registration means that Circle must obtain approval as a payment service provider (PSP) or register as an agent of a PSP before Circle can operate in France. Circle said it has applied for an Electronic Money Institution (EMI) to fulfill this requirement. The company added that licensing will generally allow it to comply with the EU Regime for Markets in Crypto Assets (MiCA).
Circle noted that it had selected Coralie Billmann to lead its operations in France, subject to regulatory approval. Billman previously held positions at European payments platform 3S Money, JP Morgan and PayPal Luxembourg. Billman’s LinkedIn page indicates she became VP of Circle Europe this month, separate from her upcoming role as president of Circle France.
Coinbase announced its registration in France yesterday
Circle’s frequent partner, Coinbase, announced that it had obtained similar regulatory status in France on December 21. Unlike Circle, Coinbase’s regulatory status appears to be final rather than conditional.
Despite the dissolution of their joint venture, the CENTER Consortium, in August, Coinbase and Circle continue to maintain a strong partnership. Both companies have been recognized for their role in issuing and supporting the USDC stablecoin, which is pegged to the US dollar. In addition, they also supply and support the EURC stablecoin, which is pegged to the euro.