Circle has achieved a significant milestone by obtaining an Electronic Money Institution (EMI) license
Circle, a prominent global financial technology firm, has achieved a significant milestone by obtaining an Electronic Money Institution (EMI) license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French banking regulatory authority. This achievement allows Circle to issue both USDC (USD Coin) and EURC (Euro Coin) stablecoins within the European Union, ensuring compliance with the Markets in Crypto Assets (MiCA) regulatory framework. The MiCA regulations, which recently came into effect, set stringent standards for stablecoins and e-money tokens, aiming to foster transparency, security, and regulatory oversight in the digital finance sector.
Circle’s compliance with MiCA marks a pivotal moment in its efforts to establish a robust and regulated infrastructure for stablecoins. With the EMI license in hand, Circle’s subsidiary, Circle Mint France, now offers seamless and cost-effective services for minting and redeeming USDC and EURC across Europe. This capability is expected to streamline transactions and promote broader acceptance of digital currencies in mainstream financial activities.
Jeremy Allaire, Co-Founder and CEO of Circle, emphasized the company’s commitment to regulatory compliance and its role in advancing digital currency adoption. He stated, “Since our inception, Circle has focused on building resilient and compliant infrastructure for stablecoins. Achieving MiCA compliance is a significant milestone in scaling digital currency adoption globally.”
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, underscored the importance of regulatory frameworks in enhancing trust and fostering innovation in digital finance. He commented, “As digital assets become integral to the financial landscape, robust regulatory frameworks are crucial. Circle’s MiCA compliance reinforces our dedication to creating an inclusive and compliant environment for internet finance.”
Circle’s journey to MiCA compliance involved extensive collaboration between its regulatory team and ACPR authorities. Coralie Billmann, Managing Director of Circle France, acknowledged the collaborative effort, stating, “Obtaining this license required months of close cooperation with ACPR. This achievement not only benefits Circle but also strengthens the digital financial ecosystem in Europe.”
Among the top stablecoins globally, USDC stands out as the first MiCA-compliant stablecoin. This distinction highlights Circle’s proactive approach to regulatory compliance and its commitment to upholding high standards of security and transparency. Circle’s leadership in regulatory compliance is expected to pave the way for broader adoption of regulated digital currencies, facilitating smoother integration into global financial systems.
About Circle: Circle operates as a leading global financial technology firm, enabling businesses to leverage digital currencies and public blockchains for various financial applications. As the issuer of USDC and EURC, Circle provides highly liquid and interoperable money protocols on the internet. Its open and programmable platform allows organizations to conduct international payments, build Web3 applications, and manage treasury functions efficiently.
In conclusion, Circle’s achievement of MiCA compliance through its EMI license represents a significant advancement in the regulatory landscape of digital finance. By adhering to MiCA’s rigorous standards, Circle reinforces its position as a key player in shaping the future of regulated digital currencies, driving innovation, and promoting financial inclusion on a global scale.