The Financial Markets Authority of France (AMF), which is France’s second largest economy, has granted conditional approval to Stablecoin Issuer Circle as a Digital Asset Service Provider (DASP). This comes as France tries to attract crypto firms looking for an environment with more regulatory clarity that they cannot find in the U.S.

The company has applied for an electronic money institution licence, and will soon be able to operate in France. Circle’s USDC, which is dollar-pegged, is the second largest stablecoin in terms of market capitalization. It trails only Tether’s USDT. The company also produces a EURC coin that is pegged to the euro.

France has encouraged crypto companies set up shop in its borders to take advantage of the rules, as the U.S. is facing regulatory uncertainty. The European Union has passed legislation on Markets in Crypto Assets, which will be implemented in all 27 countries of the EU next year.

In a statement, Dante Disparte said that Circle chose France because of its clear rules on responsible innovation, particularly in FinTech, and the digital assets. It also leveraged France’s vibrant entrepreneurial, technological and banking ecosystem, as well as the financial services and financial services.

Coralie billmann was also appointed to lead the company’s licensed operations in the nation. She was previously the head of high-growth sales expansion for technology at JPMorgan, and treasurer for Europe Middle East Africa and Africa at PayPal.

See also: France Emerging as an European Crypto Hub

Sheldon Reback is the editor.