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Stablecoin issuer Circle has secured conditional registration as a Digital Asset Service Provider (DASP) from the French Financial Markets Authority (AMF).
We have achieved a significant early milestone in establishing our European regulatory platform by securing a conditional DASP Registration in France and appointing a Head of French Operations, Ms. Coralie Billmann. Read more https://t.co/IAHY4L1hw8
— Circle (@circle) December 21, 2023
In a press release on December 21, the company announced this significant achievement and introduced Coralie Billmann, a seasoned professional in the payments industry, as the leader of its licensed operations in the country.
Jeremy Allaire, Co-founder, CEO, and Chairman at Circle, reiterated the company’s decade-long commitment to global regulatory standards, aiming to advance blockchain, full-reserve payment stablecoins, and promote financial inclusion.
The conditional DASP registration in France is crucial in establishing Circle’s European regulatory platform. Allaire also emphasized the significance of Coralie Billmann’s appointment, leveraging her market expertise and leadership to fortify regulatory efforts and bolster connections in the country.
However, her appointment is contingent on regulatory approval. To meet the prerequisites for operational commencement in France, Circle is looking to secure approval as a payment services provider (PSP) or registration as a PSP agent.
This objective will be accomplished by acquiring an Electronic Money Institution license, for which Circle has submitted an application.
Circle Scores More Blockchain Points
In a noteworthy achievement, the prominent stablecoin provider has also secured its inaugural patent for Parallel Block Processing in Blockchains.
We’re thrilled to announce our first patent for inventing a new technique to simultaneously process complex blockchain data.
Read more on how this innovation – from our Director of Engineering, Marcus Boorstin – is making an impact: https://t.co/8bdt1I8UfK
— Circle (@circle) December 21, 2023
This inventive technique, conceived by Marcus Boorstin, Director of Engineering, enables the simultaneous processing of multiple pieces of information while maintaining the sequential validation of blocks.
Boorstin explained that Circle initially applied Parallel Block Processing to manage transactions for USDC on Solana, a blockchain platform known for significantly higher throughput than Ethereum.
This innovative approach became particularly vital for products like Circle Mint, where on-chain information processing is crucial for handling incoming deposits and outgoing withdrawals.
Jeff Tang, Circle’s Chief Intellectual Property Counsel (CIPC), lauded this achievement as a significant milestone for the company. He highlighted the timeliness of Marcus’s invention, especially in light of the growing adoption of Solana.
Tang considers patents a recognition of innovation, acknowledging the dedicated efforts of developers.
The CIPC regards this patent as pivotal for safeguarding Circle’s open architecture and ensuring operational flexibility in the dynamic landscape of blockchain technology.
Meanwhile, exciting prospects for additional innovations are anticipated in 2024.
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