US-based Circle has filed for two regulatory approvals in France in a bid to receive full authorisation under the DASP regulatory regime. To be specific, Circle has filed applications in France to become both a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP) under the requirements set out by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Autorité des Marchés Financiers (AMF).

This move is part of Circle’s plans to expand into Europe and establish a primary hub of operations in France. If it becomes registered with the AMF, Circle will be able to offer a selection of products and services to customers in France in full compliance with local regulations. By becoming a digital asset service provider, Circle will be able to on-shore its flagship product for the European market, a reserve-backed stablecoin named EUROC.

It will also be able to begin the process of enabling EUROC to become a Markets in Crypto-Assets (MiCA) conforming e-money token under the new regime. Circle officials cited by prnewswire. com talked about their European growth strategy and highlighted France’s efforts towards crypto regulation and how these efforts align with Circle's vision for the future of the digital payments sector.

They also revealed the company’s plans to become one of the first companies to achieve full authorisation under the reinforced PSAN licensing regime. Representatives from the French government highlighted France's ambitions to become a hub for Web3 technologies and noted the expertise and experience of the French authorities on the crypto asset sector, which will allow Circle to benefit from a robust approach, supported by the MiCA regulation, all along its licencing process. Circle is also pursuing approval in Singapore In November 2022, Circle has received In-Principle Approval as a Major Payments Institution License holder from the Monetary Authority of Singapore (MAS).

The approval allowed Circle to offer digital payment token products, cross-border and domestic transfer services in Singapore, giving rise to a new generation of financial services and commerce applications. At the time, Circle officials highlighted Singapore’s status as one of the world’s leading financial hubs and brought up its importance for the company’s regional and global expansion plans in raising global economic prosperity. They also revealed their plans to further collaborate with the MAS in order to support fintech innovation in Singapore, as well as the crypto and blockchain ecosystem.

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