KEY TAKEAWAYS
- Circle’s USDC becomes the first stablecoin to comply with Canadian VRCA requirements, allowing its offering on registered platforms.
- This compliance highlights Circle’s dedication to regulatory transparency and positions USDC as a leading fiat-backed stablecoin in Canada.
- Circle’s global regulatory engagement includes compliance with MiCA in the EU and obtaining a Major Payment Institution License in Singapore.
Circle Internet Group, Inc., a global financial technology company, announced that its regulated subsidiary is the first stablecoin issuer to comply with the Ontario Securities Commission (OSC) and Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VRCA) requirements. This compliance allows Circle’s U.S. dollar-denominated stablecoin, USDC, to be offered on registered crypto asset trading platforms in the Canadian market.
USDC is the first stablecoin to achieve this milestone, underscoring Circle’s commitment to transparency and regulatory compliance. Registered crypto asset trading platforms in Canada that meet VRCA requirements can continue to offer USDC beyond the CSA’s December 31, 2024, cutoff for delisting non-compliant stablecoins. This development provides Canadian users with access to a leading regulated, fiat-backed stablecoin.
“The availability of USDC in Canada underscores Circle’s compliance with emerging global regulations and marks another step forward in fostering a transparent and accountable digital financial ecosystem,” said Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle. He noted that the Canadian Securities Administrators’ proactive approach reinforces the integrity of digital asset markets.
Circle’s Global Regulatory Engagement
Circle continues to engage with Canadian authorities in developing a regulated market for global stablecoins. This initiative aims to bring significant efficiency gains to Canadian cross-border, retail, and institutional settlement systems, including cheaper transaction settlements and increased consumer protections.
Beyond Canada, Circle holds money transmitter or equivalent licenses in applicable U.S. states and jurisdictions. It is regulated under the U.S. Bank Secrecy Act as a money services business with the U.S. Treasury Department’s Financial Crimes Enforcement Network. In July 2024, Circle’s French subsidiary became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. Circle now issues both USDC and the euro-backed stablecoin EURC in the EU in compliance with MiCA’s regulatory obligations.
In June 2023, Circle’s Singaporean subsidiary received a Major Payment Institution License from the Monetary Authority of Singapore, further expanding its regulatory compliance footprint.
The full announcement can be found here.
Explore More News:
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.
