De Gaulle Fleurance advised Circle on its DASP registration

De Gaulle Fleurance assisted Circle, a global financial technology company founded in 2013 and issuer of USDC and EURC stablecoins, in obtaining its conditional registration as a Digital Asset Service Provider (DASP) with the Autorité des Marchés Financiers (AMF).

To satisfy the conditions associated with its registration and to operate in France, Circle must obtain approval as a payment service provider (PSP) or register as an agent of a PSP. This condition will be met by obtaining a license as an electronic money institution, for which Circle has submitted an application to the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

 

Circle’s objective is to develop its activities in Europe in compliance with the Union’s regulatory framework, by obtaining both a DSAP registration and an e-money institution license, according to current standards, but also by bringing its products and services in line with the European Markets in Crypto-Assets Regulation (MiCA), which will be applicable from June 30, 2024 to the issuance of e-money.

 

De Gaulle Fleurance advised Circle on this transaction (Anne Maréchal and Cyril Tour, partners, with Adam Stolcz, Julie Bader and Irène L’Homme, for obtaining DASP approval; Deborah David, partner, with Tiphaine Gaubert, Camille Deudon and Dan Khalifa for labour law and profit-sharing aspects; Sandrine Trigo and Bertille de Bayser, for corporate law and related profit-sharing aspects).

“We are delighted to be supporting this global player in blockchain and stablecoins, both in setting up operations in France and in obtaining the regulatory approvals required to develop its activities” explain Anne Maréchal, Cyril Tour, Deborah David and Henri-Nicolas Fleurance, partners at De Gaulle Fleurance. “Circle’s desire to anchor its platform in the French legal framework reflects the excellence and richness of our ecosystem, both in terms of regulation and technology.”