Circle, the issuer of the popular USDC stablecoin, has secured a key license in France that makes it the first global stablecoin issuer to comply with the European Union’s new Markets in Crypto-Assets (MiCA) regulatory framework.

U.S.-regulated cryptocurrency custodian Anchorage Digital is partnering with digital asset manager Hashnote to offer institutional clients cryptocurrency yields of up to 40%.

Paxos has secured regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services in the country, allowing the firm to issue stablecoins that comply with Singapore's upcoming stablecoin framework.

Top stories in the Crypto Roundup today:

• USDC Issuer Circle Gains MiCA-Compliant License in France
• Anchorage Digital and Hashnote Launch High-Yield Crypto Solutions for Institutions
• Paxos Secures Key MAS Approval to Offer Stablecoin Services in Singapore

USDC Issuer Circle Gains MiCA-Compliant License in France

Circle, the issuer of the popular USDC stablecoin, has secured a key license in France that makes it the first global stablecoin issuer to comply with the European Union’s new Markets in Crypto-Assets (MiCA) regulatory framework.

The French banking regulator, Autorité de Contrôle Prudentiel et de Résolution (ACPR), granted Circle an electronic money institution (EMI) license, meaning Circle’s stablecoins, USDC and Euro Coin (EURC), are now issued in compliance with MiCA's regulatory obligations.

The EU's MiCA legislation, enacted in May 2023, established the world's first comprehensive regulatory framework for cryptocurrency operations. MiCA outlines investor protection measures and safeguards against market manipulation for crypto companies.

Last week, MiCA's provisions governing stablecoins, which are seen as particularly stringent as they impose limitations on how much trading could be done in certain stablecoins, were implemented.

These provisions mean companies have to stop issuing non-euro-denominated stablecoins used as a “means of exchange” if their transaction threshold is above 1 million, or if the value of their transactions surpasses 200 million euros, per day.

As a French-registered EMI, Circle can now offer its services, including USDC minting and redemption through Circle Mint, not just in France but across the entire European Union. MiCA allows crypto businesses with licenses in one EU member state to "passport" their services to other member states.

Anchorage Digital and Hashnote Launch High-Yield Crypto Solutions for Institutions

U.S.-regulated cryptocurrency custodian Anchorage Digital is partnering with digital asset manager Hashnote to offer institutional clients cryptocurrency yields of up to 40%.

Hashnote Harbor, the brainchild of the collaboration, can achieve these returns through various derivatives strategies employed without the underlying assets leaving Anchorage Digital’s custody. Participants can even request customized structures, or create bespoke hedges for their assets.

This partnership caters to institutional players seeking yield-generating options for their crypto holdings with reduced counterparty risk, custodial mishaps, or the inherent volatility of certain DeFi (decentralized finance) protocols.

Both companies boast strong regulatory credentials. Anchorage holds a unique position as a federally chartered crypto bank, approved by the Office of the Comptroller of the Currency (OCC), while Hashnote is registered with the Commodity Futures Trading Commission (CFTC) as a Commodity Pool Operator (CPO).

Paxos Secures Key MAS Approval to Offer Stablecoin Services in Singapore

Paxos has secured regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services in the country, allowing the firm to issue stablecoins that comply with Singapore's upcoming stablecoin framework.

Paxos' Singaporean subsidiary, Paxos Digital Singapore Pte. Ltd., received a Major Payment Institution (MPI) license from the MAS, which “signifies a major step towards offering stablecoins that meet the rigorous standards set by a respected regulator like the MAS," according Walter Hessert, head of strategy at Paxos.

This move adds Singapore to the growing list of jurisdictions where Paxos can issue its stablecoins, following the United States and the United Arab Emirates. With the new license, Paxos joins a select group of 19 cryptocurrency and digital payment service providers in Singapore, including industry giants like Blockchain.com, Circle, and Coinbase.

Obtaining an MPI license requires companies to meet specific criteria, including having a minimum capital of $250,000 Singapore dollars and maintaining a physical presence in the country.

Further bolstering its presence in the Singaporean market, Paxos announced a partnership with DBS Bank, where the bank will provide cash management services and act as custodian for Paxos' stablecoin reserves."

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.