Financial markets regulators in France just granted USDC stablecoin issuer Circle a conditional registration as a Digital Asset Service Provider (DASP).

The French Financial Markets Authority (AMF) requires DASPs to register to operate as a crypto trading platform or to provide services related to digital asset custody, buying and selling of cryptocurrencies in a legal tender and trading of digital assets against other digital assets.

The AMF grants the registration based on the repute and competence of the firm’s managers and beneficial owners as well as compliance with money laundering and terrorist financing regulations.

Circle says the conditions of its registration will be lifted and it can begin its operation in France once it secures an Electronic Money Institution license as a payment service provider (PSP) or agent of a PSP. Payments industry veteran Coralie Billmann will also spearhead its licensed operations in the country subject to regulatory approval.

Says Circle CEO Jeremy Allaire,

“The issuance of this conditional DASP registration in France marks a significant early milestone as we work towards establishing our European regulatory platform. 

With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France.” 

The development comes after major US-based crypto exchange Coinbase secured the green light to operate in France.

“Coinbase has obtained its VASP registration in France, known as the ‘PSAN – Prestataire de Services sur Actifs Numériques’, and issued by the AMF (Autorité des Marchés Financiers). This registration will allow Coinbase to offer our full suite of retail, institutional, and ecosystem products and services to users in France.”

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Author: Rhodilee Jean Dolor

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