Circle, the issuer of stablecoin USDC, has applied for regulatory approval in France and says it wants to establish its European headquarters in Paris.
The crypto-friendly stance of the France government has attracted Circle to set up a European headquarters in the nation. The USDC issuer announced it is seeking approval from the French regulator the Autorité des Marchés Financiers (AMF), to become a Digital Asset Service Provider (DASP).
France Has Ambitions to Become Web3 Hub
Jean-Noël Barrot, Minister Delegate to the Ministry of Finance, said, “We are delighted and honored that Circle chose France as the base for the development of its activities in Europe. This decision fully validates France’s ambitions to become a hub for Web3 technologies, pursued with strong leadership by President Macron and Minister Bruno Le Maire since 2017.”
While Jeremy Allaire, the co-founder of Circle, says, “France’s comprehensive efforts towards innovation-forward crypto regulation are commendable and closely align with Circle’s vision for the future of the digital payments sector.”
U.S. Helping to Build the Future of France?
After Circle gets AMF registration, it will become the first company to have full registration under the DASP regime.
Once the Markets in Crypto Assets (MiCA) bill comes into action, full registration for crypto companies in France will become mandatory. The draft for the European Union’s MiCA legislation is expected to be released by April 17.
BeInCrypto has reached out to Circle but has yet to hear back.
While the U.S. is in a crypto crackdown mode, France envisions becoming a crypto hub. One Twitter user sarcastically said that the U.S. is helping to build the future of France.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
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