As a researcher with a background in finance and experience in following the digital asset and blockchain industry, I find Circle’s strategic partnership with Adan in France an intentional move that underscores their commitment to regulatory compliance. The decision aligns with Circle’s vision of doing business responsibly and choosing France as their European regulatory base due to its clear rules for innovation.
Circle, a prominent financial services company and stablecoin issuer, has formed a strategic alliance with Adan. Adan is a prominent European organization that brings together experts in the digital asset and blockchain industry across France and Europe.
Circle Makes Intentional Ties in France
In a recent press statement, Coralie Billmann, the Managing Director of Circle France, expressed that partnering with Adan represents a logical progression in line with Circle’s forward-thinking business philosophy and regulatory focus. Billmann emphasized Circle’s selection of France as its European regulatory hub, attributing this choice to the country’s transparent regulations for innovative responsibility, as well as its robust entrepreneurial, technological, banking, and financial services landscape.
The collaboration signifies Circle’s dedication to adhering to various regulatory frameworks, including MiCA in Europe, prior to its official rollout. Adan’s President Faustine Fleuret praised this commitment, explaining that it aligns with the association’s goal of creating a safe and thriving digital asset ecosystem in France and Europe.
In 2023, Circle announced its plans to align all its European business operations and offerings, including USDC and EURC, under the regulatory oversight of the Markets in Crypto-Assets (MiCA) framework. To further this initiative, Circle obtained a provisional Digital Asset Service Provider (DASP) registration in France during the previous year.
This licensing came at the time when Billmann was appointed as the Head of French Operations.
MiCA Will Reroute Stablecoin Ecosystem
As the MiCA regulation approaches in the coming days, numerous cryptocurrency companies are expected to take specific actions or forge significant collaborations, similar to Circle’s partnership with Adan. The initial phase of this regime will bring about rigorous regulatory obligations for stablecoins within the European Union.
According to Jasper De Maere, the Head of Research at Outlier Ventures, the majority of stablecoins may not be able to pass muster under the impending MiCA regulatory framework due to their link to the US Dollar. He believes that this connection could make it challenging for them to meet the requirements of the new regulations in the near term.
Maere anticipates that numerous businesses could exit the EU due to unfavorable business conditions, instead opting to establish their operations in more advantageous locations. Consequently, citizens might experience restricted trading access, reduced market liquidity, and missing out on unique crypto investment possibilities that are native to those jurisdictions.
In the upcoming days, we will witness the aftermath of MiCA (Markets in Crypto-Assets) regulation being put into effect. Notably, companies such as Circle have already prepared themselves for this development.
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2024-06-26 17:47