USDC stablecoin issuer Circle was named a digital asset service provider (DASP) in France.

The company announced the conditional approval of its new designation with the French Financial Markets Authority in a Thursday (Dec. 21) press release, as well as the appointment of payments industry veteran Coralie Billmann to lead its licensed operations in France.

“The issuance of this conditional DASP registration in France marks a significant early milestone as we work toward establishing our European regulatory platform,” Circle Co-founder, CEO and Chairman Jeremy Allaire said in the release. “With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France.”

To meet the conditions associated with its registration and begin operations in France, Circle must become an approved payment services provider (PSP) or registration as an agent of a PSP, according to the release.

The company said in the release that it will satisfy this condition when its application for an electronic money institution (EMI) license is approved.

Billmann is a payments industry leader who most recently helped launch the payments activity of 3S Money Club in Europe, per the release. She also worked with J.P. Morgan in Paris and served as PayPal’s treasurer for Europe, the Middle East and Africa for nine years.

“The selection of France as our European regulatory base builds on the country’s clear rules for responsible innovation in FinTech and digital assets, while leveraging France’s dynamic entrepreneurial, technological, banking and financial services ecosystem,” said Circle Chief Strategy Officer and Head of Global Policy Dante Disparte in the release.

The company said in the release its goal is to have European operations brought under comprehensive EU oversight with both a full DASP and EMI license under the standards of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), while bringing its products and services into compliance with impending Markets in Crypto-Assets (MiCA) rules.

The EU adopted the landmark MiCA regulations in April, becoming one of the first jurisdictions on the planet to establish a comprehensive set of rules governing crypto assets and their use.