🚨 Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules🚨
Circle has become the first global stablecoin issuer to comply with the EU’s new Markets in Crypto Assets (MiCA) regulations by securing an Electronic Money Institution (EMI) license. This license, granted by the French banking regulatory authority, allows Circle Mint France to issue the euro-denominated EURC stablecoin and USDC within the European Union.
Circle's move positions it at the forefront of the EU's 450 million-strong market, offering stablecoins that are crucial for trading, transactions, and remittances in the digital asset market. This development follows some exchanges delisting euro-denominated stablecoins like Tether’s EURT before MiCA's stablecoin rules took effect on June 30.
MiCA was developed over five years, partly in response to big tech companies like Meta's Diem initiative entering financial markets. Circle's Chief Strategy Officer, Dante Disparte, who was previously involved with Libra Diem, highlighted that MiCA signifies the industry's permanence and the end of regulatory shortcuts in the EU. This compliance marks a significant milestone for Circle, enabling it to expand its market share and reinforce the stability and integration of stablecoins in the European financial ecosystem.
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