The stablecoin firm is one of the first to comply with Europe's MiCA rules as they come into effect this summer.
Stablecoin firm Circle has become one of the first companies to comply with Europe's Markets in Crypto-Assets (MiCA) rules as they come into effect this summer.
The stablecoin issuer has obtained permission from France's banking authority to offer two of its tokens under the new crypto-asset regulation.
Circle has been granted an Electronic Money Institution (EMI) license, which will enable it to issue its USD-pegged stablecoin, USDC, in the EU. The license also permits Circle to issue its euro-pegged stablecoin, EURC, in the region.
Together, USDC and EURC have a market capitalization of over $34 billion.
In addition, Circle's stablecoin minting and redemption service, Circle Mint, will now be available to business users in the European market.
“We set out from the beginning to build durable, compliant, and well-regulated infrastructure for stablecoins,” said Circle co-founder and CEO Jeremy Allaire.
“Our goal has always been to create technology that scales trust and value in digital currencies broadly. Circle's compliance with MiCA regulations marks a milestone in bringing digital currency into mainstream scale and acceptance.”
Coralie Billmann, Managing Director of Circle France, added: “This outcome is the result of months of dedicated work between Circle France and the regulators.”
Circle is the first global stablecoin issuer to comply with MiCA regulations, the company said, adding that of the ten highest cap stablecoins, only USDC is fully compliant with the regulations.
The development comes as several crypto exchanges are adjusting their listings in light of the new rules.
Uphold is reportedly delisting USDT and five other stablecoins in the EU while continuing to support USDC, EURC, and PYUSD.
OKX is also delisting USDT in the affected regions and adding support for USDC.
Bitstamp, on the other hand, is delisting EURT.
Binance has stated that it will continue to support spot trading, conversion, and wallet functions for all stablecoins until further notice.
However, some of its products will cease to support certain unauthorized stablecoins in the EEA starting June 30. Binance has excluded USDC from these restrictions following its approval.
Meanwhile, Kraken has否认 plans to delist USDT in the EU, despite earlier reports to the contrary.
MiCA is a wide-ranging piece of legislation that affects the regulation of cryptocurrencies and blockchain technology in the EU.
The rules specifically pertaining to stablecoins came into effect on June 30, 2024.
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