As a seasoned crypto investor with over a decade of experience navigating the volatile and rapidly evolving digital asset landscape, I find the recent news about Circle’s USDC stablecoin gaining compliance with Canada’s securities regulator not only reassuring but also promising for the future growth and mainstream adoption of stablecoins.
According to Circle, their U.S. dollar-backed digital coin is now the initial one of its kind to meet the upcoming listing requirements established by Canadian securities regulators. This compliance allows for its continued listing on legally approved cryptocurrency exchange platforms in the year 2025.
According to a statement issued on December 4th, the company confirmed that USDC Circle complies with all stipulations outlined in Canada’s Value-Referenced Crypto Asset (VCRA) framework established by the Canadian Securities Administrators (CSA).
A Virtual Reference Currency Asset (VRCA) is a type of cryptocurrency that aims to keep its worth consistent with that of traditional money (fiat currency) or other values/rights over an extended period. It can also reference multiple values simultaneously.
By December 31, 2024, any stablecoins listed on Canadian cryptocurrency exchanges must comply with regulations set by the Canadian Securities Administrators (CSA), or they will be removed from those platforms.
Circle noted it also reached full compliance with the Ontario Securities Commission.
Under the leadership of Jeremy Allaire, the company envisions that their Circle USD stablecoin could streamline cross-border transactions and enhance the efficiency of both retail and institutional settlement systems in Canada.
“This includes cheaper settlement of payment transactions, increased consumer protections, reduced settlement risk, and increased payments competition.”
The scope of operations for Circle is broadening across various global regions, and this includes France where its French division has become the inaugural stablecoin issuer to fully comply with the European Union’s regulatory framework for Cryptocurrencies, known as MiCA.
Identify and address concerns related to both USDC (US Dollar Coin) and Euro Coin (EURC) – their respective stablecoins, ensuring they adhere to the Markets in Crypto-Assets (MiCA) regulations within the European Union.
In June 2023, the Circle’s Singaporean branch was granted a Payment Institution License by the Monetary Authority of Singapore, known for being one of the most stringent financial market regulators globally.
According to data from CoinGecko, the market capitalization of USDC stands at more than $40.3 billion, making it the second largest stablecoin behind Tether (USDT), which has a market cap of over $201.2 billion in the current stablecoin market.
In November, the stablecoin market saw a surge of approximately 10%, with trading activity exceeding $1.8 trillion during that period.
As trust in the cryptocurrency sector expands globally among governments and financial institutions, it’s worth noting that Mayor Ken Sim of Vancouver has unveiled a strategy to incorporate Bitcoin (BTC) into the city’s investment portfolio, aiming at diversification.
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2024-12-06 04:24