Jeremy Allaire, co-founder and CEO of stablecoin issuer Circle, announced yesterday the company has achieved a major milestone, CoinDesk has reported.
Circle has become the first issuer of stablecoins in the European Union to receive regulatory approval under the EU's comprehensive Markets in Cryptoassets (MiCA) regulatory framework.
With this approval, Circle's USDC and EURC stablecoins are now compliant with the new regulations. This allays concerns that investors will have to redeem their stablecoins or switch to other digital assets to comply with the new rules.
Allaire revealed Circle had chosen France as its European headquarters, citing the country's progressive approach to digital asset regulation and its collaborative relationship with the French Prudential Supervision and Resolution Authority (ACPR).
He also reflected on the importance of the revised EU regulation, which is the first comprehensive regulatory framework for digital assets. This is a testament to the tremendous progress the asset class has made since its inception.