Circle gains regulatory foothold in France, appoints Coralie Billmann
Circle, the issuer of the second-largest stablecoin by market capitalization, has obtained a conditional registration as a Digital Asset Service Provider (DASP) from the French Financial Markets Authority. This development marks an extension of Circle’s regulatory compliance efforts in the European market.
Coralie Billmann, previously the Chief Operating Officer of Europe for 3S Money and a board member of the same firm, has been tapped to lead Circle’s French operations. Her role will focus on aligning Circle’s activities with the Markets in Crypto-Assets (MiCA) regulation, a crucial legal framework for crypto asset firms operating within the European Union.
Prior to her tenure at 3S Money, Billmann held positions at JP Morgan, where she led Payment High Growth Tech Sales, and at PayPal Luxembourg as the EMEA Treasurer. Her appointment at Circle is subject to regulatory approval, as indicated by her LinkedIn profile.
“The issuance of this conditional DASP registration in France marks a significant early milestone as we work towards establishing our European regulatory platform,” Circle co-founder and CEO Jeremy Allaire said in a statement. “With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France.”
The Boston-based firm filed applications in March to become both a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP). That requires approval from the Autorité des Marchés Financiers (AMF), followed by clearance from the country’s top regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Once approved, Circle plans to roll out its euro-pegged stablecoin, providing a liquid and stable means of obtaining exposure to the single European currency. Dubbed ‘Euro Coin (EUROC),’ the asset is issued under the same full-reserve model as Circle’s USD Coin (USDC), a stablecoin pegged to the US dollar currency with more than $50 billion in circulation.
Created to satisfy euro-biased crypto enthusiasts, Circle believes that the token can provide protection during periods of extreme volatility in the market while improving the risk and return metrics of crypto-investment portfolios.
Similar to USDC, EUROC is fiat-collateralized with each stablecoin unit is backed by a corresponding unit of Euro to ensure it’s always 100% backed by fiat money held in euro-denominated banking accounts.
The move comes as France is becoming a go-to location in the European Union for crypto companies. Circle is the latest to join the list of crypto firms that have scored a major regulatory approval in France, and it follows the steps of Binance and Crypto.com.
Nevertheless, France is now moving ahead with its plans to tighten regulation, supervision and oversight of cryptocurrency companies.