Circle has become the first stablecoin issuer to meet the new crypto asset rules established by Canadian regulators.
On Dec. 4, Circle announced that it had achieved this milestone through its regulated subsidiary, which has committed to complying with the Ontario Securities Commission and the Canadian Securities Administrators’ value-referenced crypto asset requirements.
The milestone means USDC (USDC) will continue to be available on registered crypto exchanges and trading platforms in Canada. These platforms must meet VRCA rules set by the Canadian Securities Administrators by Dec. 31, with non-compliant stablecoins facing delisting.
Some exchanges, including Binance and Gemini, announced an exit from Canada amid the country’s regulatory changes. However, Circle views compliance as crucial and aims to leverage this to expand USDC’s availability.
“The availability of USDC in Canada underscores Circle’s compliance with emerging global regulations and marks another step forward in fostering a transparent and accountable digital financial ecosystem,” Dante Disparte, chief strategy officer and head of global policy at Circle, said.
Circle’s achievement in Canada aligns with efforts by other stablecoin issuers to comply with regulatory requirements across various jurisdictions.
The USDC issuer has made significant strides in working with regulators, including in the European Union, where the Markets in Crypto Assets regulation has prompted some exchanges to delist non-compliant stablecoins.
In July 2024, Circle became the first stablecoin issuer to comply with MiCA, a milestone achieved through its French subsidiary. The company holds key licenses in multiple jurisdictions, including the United States, the EU, and Singapore.
