Stablecoin issuer Circle has received conditional registration as a Digital Asset Service Provider (DASP) from the French Financial Markets Authority, the company announced on Thursday. The news marks another step for Circle into the European Union market.
Circle filed for the regulatory approvals in March at the same time that the company decided to establish its EU commercial base in Paris. The crypto firm issues USDC, the second-largest stablecoin in the world. However, the French approvals pertain to its newer EURC stablecoin, which is pegged one-to-one with the euro. USDC currently has a market cap of nearly $25 billion and EURC stands at $56 million, according to CoinMarketCap data.
“For over a decade, Circle has embraced a regulatory-first approach in advancing the use of blockchain technology and full-reserve payment stablecoins to empower businesses, promote financial inclusion and drive internet-speed global payments. The issuance of this conditional DASP registration in France marks a significant early milestone as we work towards establishing our European regulatory platform,” said Jeremy Allaire, Circle co-founder, CEO and chairman, in the press release.
To lift the conditional part of the approval and begin operating in France, Circle must obtain approval as a payment services provider or a registration as an agent of such a provider. Circle has already applied for an Electronic Money Institution license, which would meet those conditions when granted.
Circle has also tapped Coralie Billmann to head its operations in France, pending regulatory approval of the decision. Billmann is a payments industry veteran who previously led the high-growth tech sales expansion for financial giant JP Morgan’s Paris branch. She also spent nine years as the EMEA (Europe, the Middle East and Africa) Treasurer at PayPal.
“With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France,” said Allaire.