Circle, the US-based crypto finance company, has announced it has obtained a conditional license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the bank and insurance regulator in France.
Circle is now authorized to operate in France under the Payment Services Directive 2 (PSD2) regulations, with the ability to offer customers payment services, foreign exchange services for certain virtual currencies and a multilateral digital currency trading platform under French law.
In addition, Circle has named Jean-Marie Mognetti as its Country Manager for France. Mognetti will oversee Circle’s operations in France, including its partnership with Crédit Agricole, the largest commercial bank in France.
Prior to joining Circle, Mognetti held a series of positions in finance, primarily in sales and institutional investor sales for large firms such as AXA Bank, Deloitte and UBS. He also has a deep knowledge of the cryptocurrency space, having spent over four years as the founder and CEO of Archax, a digital asset exchange.
Mognetti’s experience and leadership have already made a significant impact on Circle France’s operations, with the first French customer now fully approved to begin trading on the platform.
Circle CEO Jeremy Allaire commented on the news saying, “We are delighted to acquire a license to operate in France, and of course to have Jean-Marie lead our operations in the country. His insights into the crypto space, financial services, and regulatory landscape make him well suited to this role and his expertise will be invaluable as we continue to expand our presence in Europe.”
