Advised by De Gaulle Fleurance, Circle obtains approval as an electronic money institution (EMI) from the French supervisory authority, the ACPR

Deals 2 July 2024

Banking and financing law Digital and Technology Law Banking & Finance IT, Internet, Telecoms

Circle, a global financial technology company founded in 2013 and issuer of the USDC and EURC stablecoins, has obtained an e-money establishment license from the Autorité de contrôle prudentiel et de résolution (ACPR). Circle was advised by De Gaulle Fleurance Avocats Notaires.

Circle’s objective is to develop its business in Europe from France, in strict compliance with the European Union’s regulatory framework.

In order to operate fully from France, Circle had to obtain a digital asset service provider (DASP) registration, which Circle Internet Financial Europe SAS (Circle France) obtained from the Autorité des marchés financiers (AMF) on April 15, 2024 with the support of De Gaulle Fleurance.

Thanks to this EMI approval, Circle France is now authorized to issue, manage and make available electronic money (and in particular USDC and EURC stablecoins) under the new European MiCA regime for the issuance of electronic money tokens, which came into force on June 30, 2024. As a result, Circle France has been authorized to issue the EURC stablecoin, referenced to the EURO, as of July 1^er and, jointly with Circle Internet Financial, LLC (the Circle Group’s US entity), the USDC stablecoin, referenced to the USD.

De Gaulle Fleurance Avocats Notaires advised Circle in this transaction (Anne Maréchal and Cyril Tour, partners, Julie Bader and Irène L’Homme, lawyers, and Adam Stolcz, legal advisor).

“We are delighted to support this global player in blockchain and stablecoins, which has chosen France to develop its activities in Europe under the new European crypto-asset regime. By obtaining this EMI approval at the same time as the MiCA regulations come into force, Circle is paving the way for stablecoin issuers in Europe, testifying to the attractiveness of the French and European regulatory framework. ”

explain Anne Maréchal and Cyril Tour, partners at De Gaulle Fleurance.