- Circle’s USDC gains approval under Canada’s new VRCA rules, ensuring its availability on compliant platforms.
- Canadian crypto platforms meeting VRCA guidelines can offer USDC, enhancing trust and regulatory compliance.
- Circle’s global compliance expands, with USDC meeting Canada’s standards and securing its market presence.
USDC issue circle has become the first stablecoin that addresses the new standards recognized by the Canadian authorities. The company Is registered with the Ontario Securities Commission (OSC) and Canadian Securities Administrator (CSA). This approval enables USDC to operate under the recently issued Value-Referenced Crypto Asset or ‘VRCA’ rules.
USDC Aligns with Canada’s VRCA Guidelines
The USDC introduced changes in accordance with the VRCA and will continue to operate on the registered exchange platforms in Canada. The new regulations ensure that there are efficient standards within the existing and emerging market for digital assets. They also seek to ensure that unregistered stablecoins will be restricted from December 31, 2024.
Circle’s Chief Strategy Officer Dante Disparte highlighted that the approval corresponds to Circle’s aim to adhere to relevant global standards. Moreover, this reflects Circle’s commitment towards upholding high standards of compliance as the company embarks on growth expansion.
Circle’s Global Compliance Footprint
Circle has demonstrated a strong commitment to meeting regulatory requirements in various regions. In July 2024, its French subsidiary became the first stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations. In addition, it received a license from the Monetary Authority of Singapore to operate in Asia.
Circle is also 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 particular, these measures make it possible for USDC to continue being a reliable asset to users all over the world.
Robinhood’s Integration with USDC in Europe
Robinhood recently added USDC to its offerings in Europe. Moreover, the integration provides 24 million registered European users access to USDC, enhancing trading opportunities on the platform. This collaboration highlights the growing demand for regulated stablecoins in global markets.
Circle’s compliance strengthens USDC’s position as a secure and reliable stablecoin in Canada. By meeting complex regulatory requirements, the company ensures Canadian users can transact with confidence. As regulatory standards evolve, Circle’s focus on compliance sets a benchmark for the stablecoin market.
