Circle is first stablecoin issuer to comply with new Canadian listing rules

Circle became the first stablecoin issuer to meet new crypto asset rules set by Canadian regulators.

Circle announced on December 4 that it had achieved this milestone through its regulated subsidiary, which has committed to complying with the value-referenced cryptoasset requirements of the Ontario Securities Commission and the Canadian Securities Administrators.

This milestone means USDC (USDC) will continue to be available on registered crypto exchanges and trading platforms in Canada. These platforms must comply with VRCA rules set by the Canadian Securities Administrators by December 31; Non-compliant stablecoins face delisting.

Some exchanges, including Binance and Gemini, announced that they are leaving Canada due to regulatory changes in the country. But Circle sees compatibility as crucial and aims to use it to expand the usability of USDC.

“The availability of USDC in Canada underscores Circle’s compliance with emerging global regulations and marks a step forward in promoting a transparent and accountable digital financial ecosystem,” said Dante Disparte, Circle’s chief strategy officer and head of global policy. ” he said.

Circle’s success in Canada parallels efforts by other stablecoin issuers to comply with regulatory requirements in various jurisdictions.

The USDC issuer has made significant progress in working with regulators, including the European Union, where Cryptocurrency Markets regulation has encouraged 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 significant licenses in many jurisdictions, including the United States, the EU and Singapore.