Circle hopeful on European Crypto Industry

Patrick Hansen, director of European strategy at Circle, prophesied tremendous developments in the EU’s cryptocurrency and stablecoin markets by the end of next year.
Hansen at the European Blockchain Convention in Barcelona mentioned the expectations of the developments of the structure of the crypto market of the European Union.

This growth will primarily be fueled by the upcoming Bloc’s Markets in Crypto-Assets Regulation, particularly, Hansen said during a panel discussion ‘What is Going on Behind the Scenes – Post MiCA?’.

The crypto censorship policy of the EU was revised mainly because of MiCA: the fundamental cavities for the regime, the authorities, and the sparse issuance of authorities concerning digital assets are detailed.

Hansen revealed that the MiCA compliance and obtaining regulatory approval wasn’t easy.  For example, the USDC issuer directly dealt with the regulators for as long as twenty-four months until they were granted authorization.

Circle applied for its Electronic Money Institution license in France and obtained acceptance by the French banking authority, the Autorité de Contrôle Prudentiel et de Résolution.

CEO Jeremy Allaire strengthened the company’s position in Europe, aiming for an initial public offering in the United States, . The company moved its worldwide headquarters to the center of New York City as part of a plan to go public. In the One World Trade Center, Circle has a new office next to some of the largest names on Wall Street, including Goldman Sachs.