Despite the turmoil in the stablecoin space over the course of the last week, Circle has continued on their mission to expand their operations.
More specifically, the team at Circle are looking to take advantage of the higher interest rates now available in the Eurozone to offer a Euro-backed stablecoin, which wasn’t financially feasible before when interest rates were so low.
As such, the company has now applied to French regulators to be able to register a crypto company in France, after which one would expect that they will set up offices in the country.
Euro-backed stablecoins
The European Union has been far clearer than US regulatory authorities over what is required for a company to set up a stablecoin.
All Euro stablecoins must be backed by bonds from the ECB, and all stablecoin providers must register with their local regulator in order to offer the service.
In the case of France, crypto companies are required to register with the AMF – when compared with regulatory bodies such as the SEC, the AMF has far clearer guidelines, doesn’t differentiate between commodities and securities, and welcomes cryptocurrency investment.
Really great talk with @ddisparte
« Paris is becoming more attractive for crypto. @circle as a lot of projects in France and in Europe »
Tomorrow in @TheBigWhale_ pic.twitter.com/3IzFCaqIdR
— Raphaël Bloch (@Raph_Bloch) March 22, 2023
Binance also has offices in France
Many crypto companies have decided to set up shop in France to their policies on crypto. A range of nations are trying to welcome the innovation, and thus far Binance has been one of the most successful jurisdictions in doing so, already having secured the Binance headquarters.
Various different jurisdictions such as London and Berlin have been competing to entice the largest crypto companies, but thus far France and Switzerland seem to be the key winners in Europe.
Relevant news:
- Which Cryptos Were The Stablecoin Beneficiaries of the USDC Depeg Event?
- Binance to Convert $1 Billion of BUSD into Native Crypto in the Face of Swirling Stablecoin Uncertainty
- Banking Crisis – TrueUSD Stablecoin Shifts $1 Billion to the Bahamas, Who Else Will Leave the US?
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This article was written for Business 2 Community by Jamie McNeill.
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