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Circle joins Adan to ensure EU compliance

Web3/Crypto

austine Fleuret, president at Adan | LinkedIn

By Crypto Republique

Jun 27, 2024

Circle has announced its membership in Adan, the largest consortium of Web3 companies in France and Europe, which includes over 200 member companies. This partnership aims to bolster Circle's presence and collaboration to align its European operations, emphasizing innovation and regulatory compliance across digital asset markets.

According to a press release by Circle, the company plans to ensure its European operations and flagship products like EURC and USDC comply with the upcoming EU Markets in Crypto-Assets (MiCA) Regime. Additionally, Circle has obtained Digital Asset Service Provider (DASP) registration from the French Financial Markets Authority (Autorité des Marchés Financiers) and is actively pursuing an Electronic Money Institution license under the stringent standards of the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

"Last year Circle selected France as our European regulatory base to build on the country’s clear rules for responsible innovation as well as their rich entrepreneurial, tech, banking and financial services foundation," said Coralie Billmann, Managing Director of Circle France. "We are proud to join Adan as a logical next step that aligns with our vision and regulatory first approach for doing business."

austine Fleuret, president at Adan | LinkedIn

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In line with Billmann's sentiment, Faustine Fleuret, President at Adan said, "We are delighted to welcome a leader like Circle as a member of Adan. Circle’s dedication to regulatory compliance and innovation aligns with our mission to foster a secure and dynamic environment for digital assets in France and Europe. Together, we look forward to advancing the industry and responsible growth."

Circle is a financial technology company known for developing USDC (USD Coin), a digital currency pegged to the US dollar on a 1:1 basis. The company collaborates closely with regulators to ensure USDC meets and exceeds standards for stablecoins. According to the About webpage provided by Circle, the company's mission is to enhance global economic prosperity by facilitating frictionless value exchange through USDC.