The Crypto Roundup: 02 July 2024 |

The Crypto Roundup: 02 July 2024 |

The Crypto Roundup: 02 July 2024 | PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Circle, the issuer of the popular USDC stablecoin, has secured a key license in France that makes it the first global stablecoin issuer to comply with the European Union’s new Markets in Crypto-Assets (MiCA) regulatory framework.

The French banking regulator, Autorité de Contrôle Prudentiel et de Résolution (ACPR), granted Circle an electronic money institution (EMI) license, meaning Circle’s stablecoins, USDC and Euro Coin (EURC), are now issued in compliance with MiCA’s regulatory obligations.

The EU’s MiCA legislation, enacted in May 2023, established the world’s first comprehensive regulatory framework for cryptocurrency operations. MiCA outlines investor protection measures and safeguards against market manipulation for crypto companies.

Last week, MiCA’s provisions governing stablecoins, which are seen as particularly stringent as they impose limitations on how much trading could be done in certain stablecoins, were implemented.

These provisions mean companies have to stop issuing non-euro-denominated stablecoins used as a “means of exchange” if their transaction threshold is above 1 million, or if the value of their transactions surpasses 200 million euros, per day.

As a French-registered EMI, Circle can now offer its services, including USDC minting and redemption through Circle Mint, not just in France but across the entire European Union. MiCA allows crypto businesses with licenses in one EU member state to “passport” their services to other member states.

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