Circle, the prominent global financial technology firm renowned for issuing USDC and EURC, has recently achieved a significant milestone by securing conditional registration as a Digital Asset Service Provider (DASP) with the French Financial Markets Authority.
In tandem with this accomplishment, Circle has announced the appointment of Coralie Billmann, a seasoned expert in the payments industry, who is poised to head the company’s licensed operations in France, subject to regulatory clearance.
To commence its operations in France, Circle must meet the prerequisites of its registration by obtaining either approval as a payment services provider (PSP) or as an agent of a PSP.
To fulfill this requirement, the company has submitted an application for an Electronic Money Institution license.
Coralie Billmann, in her capacity as the newly appointed member, brings a wealth of experience to her role.
Her professional history includes instrumental contributions to the launch of payments activity for 3S Money Club in Europe and a distinguished nine-year tenure as EMEA Treasurer at PayPal.
With her robust background in compliance and finance, Billmann is expected to play a pivotal role in ensuring that Circle’s products and services are fully prepared for compliance with Markets in Crypto-Assets (MiCA) and can be seamlessly passported.
Jeremy Allaire, the Co-Founder, CEO, and Chairman of Circle, underlined the significance of this achievement, stating, “The issuance of this conditional DASP registration in France marks a significant early milestone as we work towards establishing our European regulatory platform.”
He also emphasized Billmann’s crucial role in advancing regulatory efforts and strengthening connections within France.
Circle’s overarching objective is to subject its European operations to comprehensive oversight within the European Union, ultimately obtaining both a full DASP and Electronic Money Institution license in accordance with the standards set by the Autorité de Contrôle Prudentiel et de Résolution.
This strategic move aligns with Circle’s unwavering commitment to compliance with the forthcoming MiCA regime.
Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, noted the rationale behind selecting France as the European regulatory hub, citing the country’s well-defined rules for responsible innovation in fintech and digital assets, as well as its vibrant entrepreneurial, technological, banking, and financial services ecosystem.
In another significant development, Circle has further solidified its presence in the Asian market by securing a Major Payment Institution license from the Monetary Authority of Singapore, as reported by Finance Magnates.
This license, granted to Circle Internet Singapore Pte. Ltd., enables the subsidiary to provide digital payment token services, domestic and cross-border money transfers, and access to USDC, a USD-pegged digital currency, through Circle Account.
Jeremy Allaire expressed Circle’s deep commitment to Singapore’s dynamic economy and its role in nurturing financial technology innovations and career opportunities.
This strategic move is aligned with Circle’s overarching global expansion strategy and its mission to foster global economic prosperity through seamless value exchange.