Circle, the issuer of the popular USDC stablecoin, is seeking regulatory approval from the Autorité des Marchés Financiers (AMF) in France to become a Digital Asset Service Provider (DASP). The move is part of the company’s plan to establish its European headquarters in Paris, attracted by France’s crypto-friendly stance.
Circle Establishing European HQ in Crypto-Friendly France
France has been positioning itself as a hub for Web3 technologies, and Circle’s decision to set up its European operations in the country is a validation of this strategy. According to Jean-Noël Barrot, Minister Delegate to the Ministry of Finance, France’s efforts towards innovation-forward crypto regulation are commendable and closely align with Circle’s vision for the future of the digital payments sector.
Circle’s Move to Paris Validates France’s Web3 Strategy
Jeremy Allaire, the co-founder of Circle, has praised France’s comprehensive efforts towards innovation-forward crypto regulation, stating that it closely aligns with the company’s vision for the future of the digital payments sector.
2/ We have been hugely impressed by President @EmmanuelMacron's commitment to fintech and digital asset innovation, and believe that France is at the forefront of regulating and enabling responsible innovation in crypto and blockchain.
— Jeremy Allaire (@jerallaire) March 21, 2023
Circle to Be First Fully Registered DASP in France
Once Circle obtains AMF registration, it will become the first company to have full registration under the DASP regime. This move comes ahead of the expected release of the draft for the European Union’s Markets in Crypto Assets (MiCA) legislation on April 17. MiCA will make full registration for crypto companies in France mandatory.
France’s Crypto-Friendly Stance Contrasts with US’s Crackdown
While the United States is currently cracking down on stablecoins and cryptocurrencies, France is envisioning itself as a crypto hub. Circle’s decision to set up its European headquarters in Paris is a testament to France’s crypto-friendly stance and its ambitions to become a Web3 hub.