Circle Secures as DASP with French Regulatory

Circle Secures as DASP with French Regulatory

Time Stamp: December 21, 2023 12:24 PM
Source Node: 3029850

Circle,
the global financial technology firm and issuer of USDC and EURC, has announced
the attainment of a conditional registration as a Digital Asset Service
Provider (DASP) with the French Financial Markets Authority. Alongside
this achievement, the company has revealed the appointment of payments industry
veteran Coralie Billmann to lead its licensed operations in France, pending
regulatory approval.

To
proceed with operations in France, Circle must meet the conditions of its
registration by obtaining approval as a payment services provider (PSP) or as
an agent of a PSP. The company has applied for an Electronic Money Institution
license to fulfill this requirement.

Newly
appointed, Billmann brings a wealth of experience to her role, having
contributed to the launch of payments activity for 3S Money Club in Europe and
served as EMEA Treasurer at PayPal for nine years. With a strong compliance and
finance background, Billmann is expected to play a crucial role in ensuring
MiCA readiness and passportability for Circle’s products and services.

Jeremy
Allaire, Co-founder, CEO, and Chairman at Circle, expressed the significance of
this achievement, stating: “The issuance of this conditional DASP
registration in France marks a significant early milestone as we work towards
establishing our European regulatory platform.” He further emphasized
Billmann’s role in advancing regulatory efforts and deepening connections in
France.

Circle‘s goal is to
subject its European operations to comprehensive EU oversight, obtaining both a
full DASP and Electronic Money Institution license under the standards set by
the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This move aligns
with Circle’s commitment to compliance with the forthcoming Markets in
Crypto-Assets (MiCA) regime.

“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,” said Dante Disparte, Circle’s Chief
Strategy Officer and Head of Global Policy.

Circle,
the global financial technology firm and issuer of USDC and EURC, has announced
the attainment of a conditional registration as a Digital Asset Service
Provider (DASP) with the French Financial Markets Authority. Alongside
this achievement, the company has revealed the appointment of payments industry
veteran Coralie Billmann to lead its licensed operations in France, pending
regulatory approval.

To
proceed with operations in France, Circle must meet the conditions of its
registration by obtaining approval as a payment services provider (PSP) or as
an agent of a PSP. The company has applied for an Electronic Money Institution
license to fulfill this requirement.

Newly
appointed, Billmann brings a wealth of experience to her role, having
contributed to the launch of payments activity for 3S Money Club in Europe and
served as EMEA Treasurer at PayPal for nine years. With a strong compliance and
finance background, Billmann is expected to play a crucial role in ensuring
MiCA readiness and passportability for Circle’s products and services.

Jeremy
Allaire, Co-founder, CEO, and Chairman at Circle, expressed the significance of
this achievement, stating: “The issuance of this conditional DASP
registration in France marks a significant early milestone as we work towards
establishing our European regulatory platform.” He further emphasized
Billmann’s role in advancing regulatory efforts and deepening connections in
France.

Circle‘s goal is to
subject its European operations to comprehensive EU oversight, obtaining both a
full DASP and Electronic Money Institution license under the standards set by
the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This move aligns
with Circle’s commitment to compliance with the forthcoming Markets in
Crypto-Assets (MiCA) regime.

“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,” said Dante Disparte, Circle’s Chief
Strategy Officer and Head of Global Policy.

Time Stamp:

More from Finance Magnates