- Circle, the issuer of USDC and EURC stablecoins, has secured the European Union’s first stablecoin license under the MiCA crypto regulatory framework.
- Circle obtained an Electronic Money Institution (EMI) license from France’s banking regulator, allowing it to issue USDC and EURC stablecoins natively in the European market.
- Circle’s compliance with MiCA enables it to provide access to mint and redeem USDC and EURC stablecoins for business customers in Europe through its Circle Mint service.
Circle, the issuer of the USDC and EURC stablecoins, has announced its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, becoming the first global stablecoin issuer to do so.
Circle Obtains EMI License
The company obtained an Electronic Money Institution (EMI) license from France’s banking regulatory authority, the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Circle Seeks Compliance Since Founding
“Since our founding, Circle has sought to build durable, compliant and well-regulated infrastructure for stablecoins and our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance,” said Circle co-founder and CEO Jeremy Allaire in a release.
Overview of MiCA Regulations
MiCA took effect in June 2023 and offers a robust regulatory scheme for crypto assets across the European Union. While it implemented stricter rules about some elements of the crypto industry, it also provides clear guidelines for crypto firms to work within.
Circle’s Announcement on Twitter
Jeremy Allaire announced on Twitter: “BREAKING NEWS Circle announces that USDC and EURC are now available under new EU stablecoin laws. Circle is the first global stablecoin issuer to be compliant with MiCA. Circle is now natively issuing both USDC and EURC to European customers effective July 1st.”
Compliance Allows Stablecoin Issuance in Europe
The compliance allows Circle to issue both USDC and EURC stablecoins in the European market, which are respectively pegged to the US dollar and the euro. The company has launched Circle Mint for business customers in Europe, providing access to mint and redeem these stablecoins.
Milestone for Digital Financial Ecosystem
“Achieving MiCA compliance through our French EMI license is a significant step forward not just for Circle, but for the entire digital financial ecosystem in Europe and beyond,” added Circle’s Chief Strategy Officer and Head of Global Policy Dante Disparte in a release.
Conclusion
Circle obtaining the first EMI license under the new MiCA regulations represents a major milestone for stablecoins and crypto adoption in Europe. Circle is now positioned as the leading compliant stablecoin issuer in the region.
