Circle Seeks to Register in France, Ramping Up European Play

The stablecoin issuer wants to expand European operations and prepare for new reserve requirements under the EU’s MiCA law.

AccessTimeIconMar 21, 2023 at 10:30 a.m. UTC

Stablecoin issuer Circle has filed applications to register as a crypto provider in France, and to gain a license as an e-money provider, the company said Tuesday.

Circle said it is seeking to make France a hub for expanded European operations and is preparing for new European Union rules that require stablecoin issuers to manage stability risks.

“We are excited to kick our European growth strategy into high gear with this application,” Jeremy Allaire, Circle’s chief executive officer, said in an emailed statement, referring to France’s “comprehensive efforts towards innovation-forward crypto regulation.”

Registration requires companies to undergo checks on governance and money-laundering protocols, enabling them to serve the French market.

Circle also said it wants its euro-backed stablecoin EUROC to conform with the EU’s Markets in Crypto-Assets (MiCA) regulation. It requires issuers of any cryptocurrencies tied to fiat to hold reserves and imposes caps on the trading of those matched to foreign currencies like the U.S. dollar.

Axa Investment Managers, Binance and Societe Generale are already registered under France’s regulatory regime, which is set to get tougher as of January 2024.

MiCA is set for a final debate in the European Parliament on April 18, and will include an extra transitional provision for companies already registered within an EU member country.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.