Circle’s USDC and EURC stablecoins are now the first fully compliant digital fiat tokens under the Markets in Crypto-Assets (MiCA) rules.
On July 1, Jeremy Allaire, co-founder and CEO of Circle, announced that the company has become the first stablecoin issuer in the European Union to receive regulatory approval under the EU’s comprehensive MiCA regulatory framework.
Circle’s USDC and EURC stablecoins are now compliant with the new rules, alleviating concerns that investors might need to redeem their stablecoins or transfer funds to other digital assets to remain compliant.
Allaire also announced that Circle has chosen France as its European headquarters, praising the country’s proactive approach to digital asset regulation and highlighting Circle’s collaboration with the French Prudential Supervision and Resolution Authority (ACPR).
Reflecting on the significance of the European Union’s regulatory development, Allaire noted that MiCA represents the first comprehensive regulatory framework for digital assets. He emphasized the progress made in the industry, stating, “The entire concept of fiat digital currency did not really even exist outside of very early crypto circles. The concept of seeing major global laws that enshrined stablecoins into the financial system was inconceivable.”
Summary Review: Circle’s regulatory approval under MiCA marks a significant milestone for both the company and the digital asset industry, paving the way for greater stability and compliance in the European Union’s cryptocurrency market.
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