Circle announced that it has received preliminary approval from AMF. This step is part of the process of registering a company as a virtual asset service provider.
Circle has received conditional approval as a virtual asset service provider (DASP) from the French Financial Markets Authority (AMF).
Note that the designated permit is the first step to obtaining a license in the country. Circle must also register as a PSP agent. The latter is possible only after obtaining an electronic money institution license.
“The conditional approval as a DASP in France marks an important milestone in our work to create a regulated platform in Europe,” the company said in a press release.
Circle's goal is to bring all of the firm's operations under EU supervision with a full DASP and PSP operator license, it added.
“The choice of France is based on clear regulatory frameworks for responsible innovation in fintech and digital assets, which also simultaneously leverage the dynamic ecosystem of entrepreneurial, technology, banking and financial services in this market,” said Circle Chief Strategy Officer Dante Disparte.
The company's division in France will be headed by Coralie Billmann. She has experience working at JPMorgan Chase and PayPal.
As a reminder, both Circle and Disparte are mentioned in Messari's 2024 forecast . The company's CEO, Ryan Selkis, considers the USDC issuer to be the first contender for an IPO in the United States .
In September 2023, Circle introduced a euro-based stablecoin. It was later on the Solana network.
