Key Takeaways:
- Circle’s USDC and EURC stablecoins are fully compliant with the EU’s MiCA regulations.
- Circle has chosen France as its European headquarters due to favorable regulatory conditions.
- Compliance ensures continued usage of Circle’s stablecoins without redemption or transfer requirements.
Circle has achieved full compliance with the EU’s Markets in Crypto-Assets (MiCA) regulations for its USDC and EURC stablecoins, making it the first stablecoin issuer to secure such approval in the EU.
Jeremy Allaire, Circle’s CEO, announced this milestone on July 1 and revealed that Circle has chosen France as its European headquarters due to the country’s favorable regulatory environment and strong relationship with the French Prudential Supervision and Resolution Authority (ACPR).
1/ 🚨 As the first global stablecoin issuer to achieve MiCA compliance, we are committed to building a more inclusive, compliant future for internet finance.
— Circle (@circle) July 1, 2024
This regulatory compliance ensures that investors can continue using Circle’s stablecoins without needing to redeem or transfer their assets to other digital currencies.
The MiCA framework represents a significant step in integrating stablecoins into the global financial system.
In response to the upcoming MiCA regulations, several exchanges have adjusted their stablecoin policies.
Uphold delisted six stablecoins, including Tether and Dai, for European users, and Bitstamp removed Tether’s EURT stablecoin.
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.
— Jeremy Allaire – jda.eth (@jerallaire) July 1, 2024
Details… pic.twitter.com/isNBumoi3e
Binance also limited certain stablecoin features in the European market, adopting a “sell-only” strategy for non-compliant products.
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