Financial market regulators in France have just granted USDC stablecoin issuer Circle conditional registration as a Digital Asset Service Provider (DASP).
The French Financial Markets Authority (AMF) requires DASPs to register in order to operate as a crypto trading platform or to provide services related to the custody of digital assets, the buying and selling of cryptocurrencies in legal tender and the trading of digital assets against other digital assets.
The AMF grants registration based on the reputation and competence of the company’s managers and ultimate owners, as well as compliance with regulations on money laundering and terrorist financing.
Circle says the conditions for its registration will be lifted and the company can start operations in France once it obtains an electronic money institution license as a payment service provider (PSP) or agent of a PSP. Payments industry veteran Coralie Billmann will also lead its licensed operations in the country, subject to regulatory approval.
Says Circle CEO Jeremy Allaire:
“The issuance of this conditional DASP registration in France marks an important early milestone as we work to establish our European regulatory platform.
With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in advancing our regulatory efforts and deepening our connections in France.”
The development comes after major US crypto exchange Coinbase was given the green light to operate in France.
“Coinbase has obtained its VASP registration in France, known as the ‘PSAN – Prestataire de Services sur Actifs Numériques’, and issued by the AMF (Autorité des Marchés Financiers). This registration allows Coinbase to offer our full suite of retail, institutional and ecosystem products and services to users in France.”
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