On January XNUMX, Circle co-founder and CEO Jeremy Allair announced that his company is the first stablecoin issuer to receive regulatory approval under the new EU Crypto Asset Market (MiCA) framework. USDC and Circle’s EURC are now in compliance with the new regulations, alleviating investor concerns about having to redeem stablecoins or switch to other digital assets to comply with the rules.
Aller also revealed that Circle chose France as its European headquarters because of the country’s progressive stance on digital asset regulation and Circle’s solid relationship with the French Prudential Supervision and Resolution Authority (ACPR).
Reflecting on the significance of this regulatory milestone, Aller pointed out the historic nature of the EU’s overall digital asset framework. He emphasized how the concept of cryptocurrency has evolved from a niche circle to being recognized and regulated by major global laws.
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The U.S. Securities and Exchange Commission (SEC) has issued an official statement regarding the lawsuit filed against Consensys.
In anticipation of MiCA, several exchanges have updated their stablecoin policies. In June, Uphold announced it would delist six stablecoins for European users, including Tether, TrueUSD, Gemini Dollar, Pax Dollar, and the Frax Agreement.
Bitstamp also delisted Tether’s stablecoin EURT, and Binance adopted a ‘sell-only’ strategy for some stablecoins in the European market, marking them as compliant or non-compliant, and restricting certain functions for European customers.
