Circle has obtained conditional registration from DASP (Digital Asset Service Providers), a French digital asset service provider, to strengthen its compliance development in Europe.

Stablecoin issuer Circle announced in an official press release that it has obtained conditional registration as a Digital Asset Service Provider (DASP) from the French Financial Markets Authority (AMF). The company plans to commence operations after obtaining a license approval as a Payment Service Provider (PSP). Additionally, Circle has appointed Coralie Billmann, a seasoned professional in the payment industry, as its Head of Operations in France.

Circle Obtains Preliminary Conditional Registration from French DASP

Circle's latest press release states that it has obtained preliminary conditional registration from the French Financial Markets Authority for its Digital Asset Service Provider (DASP), pending the approval of other cryptocurrency institutions and payment licenses that are currently under review. Once approved, Circle will commence its operations.

.@circle receives conditional Digital Asset Service Provider (DASP) registration in France, home to Circle's EU HQ for our stablecoin platforms. We also announced that Coralie Billmann has joined to head French operations. https://t.co/85IGLkWTHO

— Jeremy Allaire (@jerallaire) December 21, 2023

Simultaneously, the company has appointed Coralie Billmann, who has decades of experience in the payment industry, as the Head of French Operations. The appointment is awaiting regulatory approval.

Billmann previously led the high-growth technology marketing division at JP Morgan and served as the Finance Director for Europe and the Middle East at PayPal for nine years. She currently serves as the Head of Europe and a member of the board at the payment company 3S Money.

Circle claims that Billmann's extensive payment and financial background in Europe will strengthen Circle's compliance development in the region and ensure its products are well-prepared following the introduction of the latest EU cryptocurrency market regulations, MiCA, in May of this year.

MiCA | Stricter EU Cryptocurrency Regulation: Shareholder and Director Review, Employee Bonus Restrictions

Circle: Regulatory Compliance as a Key Prerequisite for Product Development

Circle co-founder Jeremy Allaire emphasizes that "regulatory compliance first" has always been the primary principle driving Circle's advancement in blockchain technology and global stablecoin payment applications:

The conditional DASP registration we obtained in France signifies our commitment to becoming a platform that complies with European regulations. It is a significant milestone.

Dante Disparte, Circle's Global Policy Chief, stated:

France's innovative and clear legal rules in fintech and digital assets, as well as its well-developed financial services ecosystem, are the main reasons why Circle chose to expand its business in the country.

Euro Stablecoin Market Still in its Early Stage

As the issuer of the USD Coin (USDC) and the Euro Stablecoin EURC, Circle's move is also seen as a strategy to promote the Euro Stablecoin market. The company continues to expand the deployment of EURC on various blockchains to facilitate cross-border on-chain transactions or transfer services.

According to Coindesk, the Euro Stablecoin market is still in its early stages compared to the USD Stablecoin market, with a current market value of only $274 million, while USDT and USDC are valued at approximately $90 billion and $20 billion respectively.

However, Circle seems to face strong competition in the region as well. French banking giants Societe Generale recently announced the launch of their own stablecoin, EURCV EUR CoinVertible, which will be used for settling digital bonds, funds, and other asset transactions.

The stablecoin will be open to all investors, not just large institutions, and will also comply with the MiCA regulations that will take effect next year.