Circle’s digital assets, designed to be pegged to the U.S. dollar and the euro, comply with European Union laws, the stablecoin issuer’s CEO Jeremy Allaire said.
Allaire says Circle is now the “first global stablecoin issuer to comply” with the Markets in Crypto Assets (MiCA) regulations.
MiCA is a comprehensive regulatory framework for the cryptocurrency industry in the European Union (EU), which, among other things, places stablecoin issuers under the European Banking Authority and requires them to maintain sufficient liquid reserves.
“Circle will now issue both USDC and EURC to European customers from July 1…
Today’s announcement from Circle marks a major milestone in the continued development of the Internet financial system, with one of the world’s largest economies establishing clear rules that make stablecoins legal electronic money, and heralding a phase in the crypto market’s development as a mainstream infrastructure for payments, finance and commerce.”
Allaire further says that Circle is now authorized as an electronic money issuer by the French financial regulator Autorité de Contrôle Prudentiel et de Résolution (ACPR).
“Circle France is now home to the headquarters of our European regulated financial activity, and European customers can now access USDC and EURC directly through Circle Mint France…
All USDC and EURC currently in circulation in Europe are officially MiCA compliant, with Circle now holding 100% of EURC reserves under our regulated Circle France entity, and similarly maintaining the necessary reserves for European USDC holders within the EU into a Global Systemically Important Bank (GSIB).”
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