USDC-Supplier Circle Applies For License in France
The failure of the U.S. banking system took a toll on the prominent stablecoin USDC. As the asset lost its peg, its issuer, Circle noted that its reserves backing USDC were stuck at the Silicon Valley Bank. Despite this setback, the firm did not stop making progress. More recently, it was brought to light that Circle is seeking a license to enter the European market. The stablecoin issuer Circle has submitted applications to become a licensed e-money provider in France , as well as to register as a crypto provider. If the registration is successful, Circle will be allowed to sell its products to clients in France and “onshore” its stablecoin EUROC, according to the release. The firm is aiming to acquire a DASP registration. Companies that register must go through inspections on governance and anti-money laundering procedures in order to enter the French market. Additionally, the stablecoin issuer stated that it wants to establish France as a base for its expanded activities in ...