Finance

Circle Secures EU's First MiCA-Compliant Stablecoin License

Jul 1, 2024 1 min read

Jump to Summary

Circle, a global financial technology firm, has become the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. This compliance was achieved through Circle's French entity, which secured an Electronic Money Institution (EMI) license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French banking regulatory authority. This move allows Circle to issue its USDC and Euro Coin (EURC) tokens in the EU, adhering to MiCA's regulatory requirements for stablecoins.

As part of its compliance, Circle will natively issue both USDC and EURC to European customers starting July 1, 2024. This development aligns with the stringent reserve requirements, fully audited financial statements, and anti-money laundering rules mandated by MiCA. Additionally, Circle plans to open Circle Mint in France, enabling businesses to mint and redeem Circle stablecoins. The company's move into the EU market aims to enhance its competitive edge, particularly against other stablecoin issuers like Tether's USDT, within the 27-nation trading bloc. Further MiCA regulations targeting crypto asset service providers will come into effect by December 30, 2024.

#business #european-union #startups #cryptocurrency #bitcoin

Summary

Other news in finance

CoinDCX Acquires UAE's BitOasis for MENA Expansion

India's largest cryptocurrency exchange, CoinDCX, has acquired BitOasis, a leading digital asset platform in the Middle East and North Africa (MENA) region. The financial terms of the deal were not disclosed, but BitOasis investors will receive equity in CoinDCX. BitOasis, founded in 2016, has processed over $6 billion

Jeff Bezos to Sell $5 Billion in Amazon Shares Amid Record High

Jeff Bezos, founder and executive chair of Amazon, plans to sell 25 million shares valued at approximately $5 billion following a record high in the company's stock. The move was disclosed in a regulatory filing after market hours, with Amazon shares hitting an all-time high of $200.43.

Saks Owner to Acquire Neiman Marcus in $2.65B Deal with Amazon's Help

Saks Global, the parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based luxury retailer Neiman Marcus for $2.65 billion. The acquisition, approved by the boards of both companies, will see Amazon and Salesforce Inc. take minority stakes in the newly formed entity, which will retain the name

EU Approves Lufthansa's Conditional $350 Million ITA Deal

Lufthansa has secured EU antitrust approval to acquire a 41% stake in Italy's ITA Airways for 325 million euros ($350 million). The transaction, aimed at expanding Lufthansa's presence in the southern European market, comes with several conditions to address competition concerns. The German airline has agreed