Global financial technology company Circle has announced that it has received conditional registration as a Digital Asset Service Provider (DASP) from the French Authority for Financial Markets (AMF).
Circle announced its application to become a digital and cryptocurrency service provider in France earlier this year, and recent developments regarding the company’s application are positive.
However, to operate in France, Circle must be approved as a Payment Service Provider (PSP) or register as a PSP agent.
This condition will be met upon receipt of the electronic money institution license for which the company has applied. These developments follow a year of global expansion for the company. In December, Brazilian neobank Nubank launched USDC from Circle, and earlier this year the company received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
However, choosing Paris as a European hub may be Circle’s toughest challenge due to the strict standards set by the Authority for Controversy and Regulation (ACPR).
By opening a regional center in France, Circle hopes that European operations will be subject to full EU supervision with a full digital asset services license and an electronic money institution license.
The company also plans to align its products and services with the upcoming Markets in Crypto Assets (MiCA) regulatory regime, creating a base for growth in the European cryptocurrency sector.
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