Circle’s USDC gets approved under MiCA crypto rules: Game changer for Europe?
What is MiCA in the context of crypto regulations?
MiCA, or the Markets in Crypto-Assets Regulation, is a comprehensive legal framework for crypto-assets developed by the European Union. It covers crypto-assets that are not regulated by existing financial services legislation, focusing on transparency, disclosure, authorization, and supervision of transactions4. MiCA aims to support market integrity, financial stability, and better-informed consumers about associated risks.
When did Circle receive MiCA approval for USDC?
Circle received MiCA approval for USDC on 1st July 2024. This regulatory approval under the European Union's Markets in Crypto-Assets (MiCA) framework marked a significant step forward for the legitimacy and stability of stablecoins in the EU.
Why did Circle choose France for its European headquarters?
Circle chose France for its European headquarters due to the country's progressive approach to digital asset regulation and its strong working relationship with the French Prudential Supervision and Resolution Authority (ACPR). Additionally, France's thriving developer community and politically friendly administration made it an attractive choice for Circle's expansion plans.