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Circle Secures the First Stablecoin License Under the EU\'s MiCA Rules, Paving the Way for EURC and USDC Issuance in Europe

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2024-07-02 11:12:50669browse

This milestone positions Circle ahead in the competitive stablecoin market, ensuring compliance and enhancing market access across the EU's 27 nations.

Circle Secures the First Stablecoin License Under the EU's MiCA Rules, Paving the Way for EURC and USDC Issuance in Europe

Stablecoin issuer Circle has become the first company to receive authorization under the European Union’s Markets in Crypto Assets (MiCA) framework, enabling it to issue both USDC and EURC in the 27 EU member states.

The development comes as part of Circle’s efforts to integrate stablecoins into mainstream financial systems as legal electronic money, signaling a transformative shift akin to the impact of open networks on information dissemination and communication.

As previously reported by Crypto News Flash, the integration of stablecoins into mainstream financial systems as legal electronic money signals a transformative shift akin to the impact of open networks on information dissemination and communication.

“Today’s announcement from Circle is a major milestone in the ongoing development of the internet financial system, with one of the largest economies in the world having established clear regulations that make stablecoins legal electronic money, and ushering in a phase in the crypto market’s development as a mainstream infrastructure for payments, finance and commerce.” – Jeremy Allaire – jda.eth

Having filed an application for the authorization to the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) earlier this year, and following a comprehensive review process, Circle has now obtained the authorization to issue both USDC and EURC in the EU.

The stablecoin issuer has been at the forefront of several firsts in the crypto industry, including being the earliest recipients of Electronic Money Transmission Licenses across the United States, New York BitLicense, and UK E-Money Issuance license.

Early on, Circle demonstrated how fiat currencies could operate securely on public blockchains, initially starting with Bitcoin. The path to regulatory acceptance was not without its challenges, with initiatives such as Global Stablecoin encountered significant regulatory scrutiny and促使G7, G20 and the Financial Stability Board to collaborate on a cohesive approach to stablecoin regulations.

And, on that same day as MiCA being agreed on, Circle announced our initial launch of a Euro Stablecoin, along with a statement of our full intention to bring our stablecoins into compliance with these new and critical regulations for the European Union. – Jeremy Allaire – jda.eth

The culmination of these efforts came with MiCA’s approval, setting a global standard for comprehensive crypto asset regulations. The framework not only ensures regulatory compliance but also fosters market confidence through stringent financial crime prevention measures and public transparency requirements.

For European users, the rollout of MiCA-compliant USDC and EURC will come with enhanced consumer protections and operational safeguards.

Circle’s establishment of its European headquarters in France also highlights the country’s proactive stance in shaping crypto regulations within the EU, which is set to catalyze further innovation in blockchain-native financial services.

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