Circle receives approval from OSC and CSA after meeting VRCA requirements In July, Circle became the first stablecoin issuer to receive a license under the EU's MiCA regulation.
Circle has become the first stablecoin issuer to meet Canada's new regulatory requirements for stablecoins.
In an announcement from Circle, which issues USDC, a USD-based stablecoin, the company said it has received approval from the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).
By meeting Canada's Value Referenced Cryptoassets (VRCA) requirements, Circle's USDC can be offered on registered Canadian crypto asset trading platforms that meet the standards.
Circle co-founder and CEO Jeremy Allaire posted the announcement on X, saying:
“Circle will be the first stablecoin issuer to comply with the new listing and market rules for the Canadian crypto market. USDC is the first and only major dollar stablecoin to comply with Canada’s new regulations.”
Circle becomes the first stablecoin issuer to comply with the new listing and market rules for the Canadian crypto market. USDC is the first and only major dollar stablecoin to comply with Canada's new regulations. https://t.co/ykQUzT3dE3
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) December 4, 2024
Circle received approval ahead of the CSA’s December 31, 2024 deadline to delist non-compliant stablecoins.
Dante Disparte, Circle's chief strategy officer and head of global policy, said of Circle's accomplishments: “The availability of USDC in Canada demonstrates Circle's compliance with new global regulations. “This marks another step forward in fostering a transparent and responsible digital financial ecosystem.” addition:
“The Canadian Securities Administrators’ proactive approach in providing a digital asset regulatory framework strengthens the integrity of the digital asset market while ensuring continued dependence on the USDC across Canada’s burgeoning ecosystem. Masu.”
Circle’s regulatory environment
Elsewhere, Circle is regulated by the U.S. Bank Secrecy Act and holds money transfer licenses in several U.S. states.
In July, the stablecoin issuer became the first company to receive regulatory approval under the European Union's Markets in Cryptoassets (MiCA) Regulation. This approval allows Circle to issue USDC and Euro Coin (EURC) stablecoins across the EU.
Additionally, in June 2023, Circle received a Major Payment Institution (MPI) license for digital payment token services in Singapore.
The license, issued by the Monetary Authority of Singapore, will enable Circle to offer digital payment token services, cross-border remittance services, and domestic remittance services in Singapore.
USDC’s market capitalization is worth $40.6 billion, making it second only to Tether’s USDT (more than $135.8 billion).
