American fintech Circle has announced that it has filed for registration as a digital asset service provider (DASP) as well as a license to issue electronic money.
As a reminder, Circle is the issuer of USDC and EUROC stablecoins with a capitalization of $35 billion. It wants to expand its operations in Europe with France in its sights.
Issued by the Autorité des marchés financiers (AMF), the PSAN registration is essential for any player wishing to offer in France custody services for digital assets, the purchase and sale of digital assets against legal tender or crypto against crypto and operate a trading platform for digital assets.
According to Jeremy Allaire’s statements, Circle has applied for an enhanced PSAN registration. This registration was definitively voted by the National Assembly on February 28 and aims to impose additional requirements particularly in terms of cybersecurity compared to the PSAN registration that appeared with the Pact law in 2018. It will come into force from next July for new entrants to the market.
For the CEO, France’s efforts to put in place “innovative regulation” for cryptocurrency “aligns closely with Circle’s vision.”
Coinbase, Circle’s USDC partner, is also currently coveting a digital asset provider registration in France.