Circle is the first stablecoin company to be licensed under MiCA
On July 1st, Jeremy Allair, Circle's co-founder and CEO, announced that his company is the first stablecoin issuer in the European Union to receive regulatory approval under the new EU Markets in Crypto Assets (MiCA) framework.
USDC and Circle's EURC are now in compliance with the new regulations , thus allaying concerns that investors may have to cash out their stablecoins or switch to other digital assets to comply.
Aller also revealed that Circle chose France as its European headquarters, citing the country's progressive stance on digital asset regulation and Circle's strong relationship with France's Prudential Supervision and Restructuring Authority (ACPR).
Reflecting on the significance of this regulatory milestone, Aller noted the historic nature of the EU's overall framework for digital assets. He highlighted how the concept of cryptocurrencies has evolved from niche circles to being recognized and regulated by major global laws.
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The SEC released an official statement regarding a lawsuit against ConsensysIn anticipation of MiCA, several exchanges have updated their stablecoin policies. In June, Uphold announced that it would delist six stablecoins for its European users, including Tether , Dai , TrueUSD, Gemini Dollar, Pax Dollar and Frax Protocol.
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 limiting some features to European customers.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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