Circle’s USDC and EURC are already in compliance with the new regulations.
The stablecoin issuer has decided to establish its European headquarters in France.
Circle CEO and co-founder Jeremy Allaire made the announcement on July 1 that the company has become the first EU stablecoin issuer to get regulatory clearance under the new Markets in Crypto-Assets (MiCA) framework.
To allay concerns that investors may be forced to liquidate their stablecoins or move their money to other digital assets only to be legal, Circle’s USDC and EURC are already in compliance with the new regulations, and this compliance takes effect immediately.
European Headquarter
Following this, Allaire made the announcement that Circle has decided to establish its European headquarter in France. The rationale for this decision was France’s progressive attitude towards digital asset legislation. As well as Circle’s collaboration with the French Prudential Supervision and Resolution Authority (ACPR).
Moreover, the press release states that the firm has been approved by the French ACPR to issue the USDC and EURC stablecoins as E-Money. The Circle Mint France provides users with access to the assets.
The co-founder of Circle also thought on how far digital assets have gone since their start. And how significant the EU’s legislative change was, given it was the first complete framework for such assets. Furthermore, a number of exchanges have introduced new stablecoin rules and updated their product lineups. This is in anticipation of the regulation change in the EU.
A stablecoin that prioritizes fungibility across networks and is issued from both the US and EU was previously considered by the business. Crypto users in industrial areas have praised the initiative, urging stakeholders and authorities to work together in a similar manner.
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