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Circle announced that USDC is the first stablecoin to comply with Canada’s new digital asset regulations. The new regulations foresee the delisting of non-compliant stablecoins starting December 31.
Canadian Regulations and USDC Compliance
While aiming to maintain a 1:1 peg to the US dollar, USDC will continue trading on crypto exchanges in Canada due to Circle’s compliance with the new laws. Circle stated that USDC can be used safely within the Canadian ecosystem.
Globally, stablecoins have become a priority area for regulations, and USDC continues its operations in regions where regulations have been implemented, thanks to its proactive measures.
European Union Compliance
This summer, it was announced that USDC and EURC comply with the EU’s MiCA regulations. MiCA is a new law aimed at overseeing crypto assets, protecting investors, and ensuring environmental safeguards.
“The regulatory framework for digital assets in Canada enhances market integrity while maintaining trust in USDC.” – Dante Disparte, Circle’s Chief Strategy Officer.
MiCA regulations aim to reduce financial crimes, prevent market manipulation, and combat money laundering and terrorism financing. Furthermore, it will require stablecoin issuers to maintain sufficient liquid reserves under the European Banking Authority. This law is expected to come into effect in December 2024.
USDC’s compliance in Canada and the European Union highlights Circle’s global market strategy and commitment to regulatory compliance. These developments could contribute to greater trust and stability in digital asset markets.
