Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license under the European Union’s Markets in Crypto Assets (MiCA) regulatory framework on July 1.
Circle’s EMI license, granted by the French banking regulatory authority, allows Circle to issue its USDC and EURC stablecoins, enhancing its ability to capture a substantial share of the European market.
Circle CEO Jeremy Allaire announced the company’s readiness to launch MiCA-compliant stablecoins in Europe in an X (formerly Twitter) post. He described it as a major milestone in the ongoing development of the Internet financial system. He noted that this vision required big advancements in blockchain technology and the establishment of global regulatory frameworks.
BREAKING NEWS: @Circle announces that USDC and EURC are now available under new EU stablecoin laws; Circle is the first global stablecoin issuer to be compliant with MiCA. Circle is now natively issuing both USDC and EURC to European customers effective July 1st.
Details… pic.twitter.com/isNBumoi3e
— Jeremy Allaire – jda.eth (@jerallaire) July 1, 2024
The MiCA framework , approved by the European Parliament in April 2023 , represents a comprehensive effort to standardize crypto regulation across the EU. The regulatory approach was catalyzed by financial stability and consumer protection concerns, prompted by initiatives like Meta’s Diem. MiCA’s phased implementation, which began on June 30 , includes specific requirements for stablecoin issuers, ensuring a structured transition toward full compliance by year-end.
Dante Disparte, Circle’s head of policy, emphasized MiCA’s role in legitimizing the crypto industry while eliminating regulatory havens. Allaire also
Read more on cryptonews.com