• USDC issuer, Circle has secured the conditional DASP license in France.
• The company is tightening its global foothold in hopes of a possible IPO.

Circle, a leading global financial technology company, has successfully secured registration as a Digital Asset Service Provider (DASP) in France as part of a deliberate drive to extend its footprint in the European Union (EU). 

Circle’s Regulatory-First Strategy

Circle, renowned for issuing stablecoins like USDC and EURC, has long embraced a regulatory-first approach. This commitment is evident in the company’s efforts to obtain a conditional DASP registration in France, demonstrating its dedication to operating within the legal frameworks set forth by European authorities. 

Circle’s co-founder and CEO, Jeremy Allaire, emphasized the importance of regulatory compliance, marking the French DASP registration as a crucial milestone in the company’s journey.

To spearhead its licensed operations in France, Circle has strategically appointed Coralie Billmann, a seasoned professional with a notable track record in the payments industry. Billmann’s extensive experience, including her role in launching the payments activity of 3S Money Club in Europe, positions her as a key player in Circle’s efforts to navigate the complex regulatory ecosystem in the EU.

Her pending approval as the head of Circle’s operations in France highlights the company’s commitment to bringing top-notch talent into its regulatory initiatives. The acquisition of the conditional DASP registration is a strategic move for Circle in light of the impending Markets in Crypto-Assets (MiCA) regulation. MiCA aims to establish a harmonized regulatory framework for crypto asset firms operating within the EU, ensuring investor protection and market integrity.

Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy highlighted the reasons behind choosing France as their European regulatory base. He stated, “The selection of France as our European regulatory base builds on the country’s clear rules for responsible innovation in fintech and digital assets while leveraging France’s dynamic entrepreneurial, technological, banking and financial services ecosystem.”

Circle’s commitment to compliance and regulatory standards is part of a broader trend in the crypto industry. With increasing scrutiny and regulatory developments worldwide, companies prioritizing transparency and adhering to oversight are positioning themselves for long-term success.

Global Perspective and Stablecoin Growth

In addition to regulatory advancements, Allaire foresees substantial growth for stablecoins in the coming years. He envisions the expansion of Stablecoin Regulations internationally, covering countries such as Japan, the UK, the EU, Hong Kong, the UAE, and Singapore. This forward-looking perspective aligns with Circle’s dedication to providing a trustworthy digital medium for online transactions on a global scale.

Looking ahead, Circle is reportedly engaging with advisory parties to explore the possibility of an Initial Public Offering (IPO) in early 2024. Circle’s consideration of an IPO demonstrates the company’s faith in its business model and dedication to openness in an ever-changing financial ecosystem.

Finally, Circle’s achievement of conditional DASP registration in France represents a big step forward in its European expansion. By adhering to regulatory standards and appointing an industry veteran, Circle aims to build trust and strengthen its EU foothold.