Circle representatives announced the task of making France the center of European crypto transactions. Currently, the company is preparing to comply with the requirements of EU legislation.
Circle Executive Director Jeremy Aller noted that everyone in the company is encouraged by the growth prospects and announced plans to issue a EUROC coin that will fully comply with EC regulations. Thus, digital assets linked to fiat funds should have their own reserve fund. Also, a number of restrictions apply to digital assets linked to foreign currencies.
The process of registering as a supplier of digital currencies of the European Union involves passing the verification stage of management protocols in order to warn against money laundering schemes. When checking, Circle must prove that investors’ funds are kept separate from the assets of the company itself. Activity in the crypto sphere of the European Union implies sending regular reports on the company’s activities, as well as obligations to protect the rights and interests of users of digital assets.
Earlier, Binance, Axa Investment Managers and Societe Generale received licenses for activities related to cryptocurrency in the EU.
Earlier it became known that from January 2024, the European Union plans to tighten the licensing rules for new crypto companies. Stricter requirements will be applied to companies that will be registered from July of this year. The final consideration of the draft law on digital assets in the EU will take place on April 18.