In order to develop its growth in France and in the rest of Europe, Circle has filed applications to obtain PSAN registration and authorization as an electronic money institution. This announcement demonstrates the attractiveness of French regulations.
Circle is interested in France and the status of PSAN
Circle, the issuing company of the popular USDC stablecoin, has announced that it has applied for obtain registration as a Digital Asset Service Provider (PSAN).
On the other hand, the company also revealed that it had taken the steps to be approved as an electronic money institution. These two requests have been filed with the Financial Markets Authority (AMF) and the Prudential Control and Resolution Authority (ACPR).
It is within the framework of the Circle Forum Paris, that Jeremy Allaire, CEO of the company, announced this alongside Jean-Noël BarrotMinister Delegate in charge of the Digital Transition and Telecommunications:
The company @circle, world leader in digital assets, chooses France to establish its headquarters in Europe. A new proof of the renewed attractiveness of our country since 2017. pic.twitter.com/ifEDYkWjmw
— Jean-Noel Barrot (@jnbarrot) March 21, 2023
When this initiative comes to fruition, it will allow Circle Get a head start on EUROC MiCA compliance, its euro-backed stablecoin. French regulation should therefore serve as a springboard for Circle to develop its activities in Europe.
Jeremy Allaire, has also hinted at his ambitions for the future:
“With this demand, we are excited to step up a gear with our European growth strategy. France’s comprehensive push for innovation-driven crypto regulation is commendable and aligns closely with Circle’s vision for the future of the digital payments industry. »
👉 To go further — Find our guide on the status of PSAN
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The European continent as a vector of growth
Through this announcement, it is interesting to note the attractiveness of the French legal frameworkwhich has already been chosen by world-class exchanges such as Binance or Crypto.com to name a few.
While Circle came out stronger from the difficulties encountered with the USDC by proving its resilience, the European market could offer it growth opportunities. Its stablecoin EUROC has everything to gain from it, because since its launch in the summer of 2022, it still only has a relatively small capitalization, namely just under 29 million euros.
The EUROC therefore benefits from a large margin of progress if we compare it for example to the EURT of Tether, the first stablecoin indexed to the euro on the market, with a capitalization of nearly 206 million euros.
👉 On the same subject — EUROC becomes the first euro stablecoin exchangeable on Coinbase
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Source: Circle
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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