Circle Gets Stablecoin Approval Under EU Crypto Regulations
Firm says it’s first global stablecoin issuer to comply with EU rules
Circle, the issuer of U.S. dollar-pegged stablecoin USDC and euro-pegged EURC, announced it’s approved to offer the stablecoins under the new European Union regulations governing digital assets that took effect on June 30.
The company obtained an electronic money institution license from the French banking regulatory authority. It’s launching the ability to allow business customers in Europe to create and redeem USDC and EURC.
The EU rules, known as Markets in Crypto Assets, or MiCA, are one of the first comprehensive regulatory frameworks for the crypto industry from a major jurisdiction. Some crypto exchanges have started to delist non-compliant stablecoins, such as Tether’s EURT, ahead of the rule.