Circle announced this week that USDC became the first stablecoin to gain compliance with new Canadian digital asset regulations.

Canada’s new regulations call for delisting noncompliant stablecoins after December 31st.

Circle’s compliance means USDC, which aims to maintain a 1:1 peg with the US dollar, can trade on crypto exchanges in the Canadian market, according to a new press release.

Dante Disparte, chief strategy officer and head of global policy at Circle, says the new development underscores the stablecoin issuer’s regulatory efforts.

“The Canadian Securities Administrators’ proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem.”

The announcement comes as Circle launched a new wave of layoffs, Bloomberg reports. A company spokesperson tells the news outlet the downsizing was routine and represented less than 6% of the firm’s workforce.

“Circle regularly reviews our investments and expenses. This includes investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business.”

This summer, USDC and Circle’s euro-pegged stablecoin EURC also achieved compliance with the European Union’s Markets in Crypto Assets (MiCA) regulations.

MiCA is upcoming EU legislation that will provide rules covering the supervision, consumer protection and environmental safeguards of crypto assets.

The law includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing, and it places stablecoin issuers under the European Banking Authority while requiring them to hold sufficient liquid reserves.

It’s also scheduled to take effect in December 2024.

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Gemini has received in-principle approval from Singapore’s Monetary Authority for a major payment institution license, marking a key step in its APAC expansion.

Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, announced it has received in-principle approval from Singapore‘s Monetary Authority for a Major Payment Institution license.

In a Tuesday blog announcement on Oct. 29, the exchange said that the approval advances its application under the Payment Services Act 2019, enabling the trading platform to offer cross-border money transfer and digital payment token services, strengthening its compliance stance in Asia-Pacific.

“As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license.”

Gemini

The latest milestone follows a January approval from France’s Autorité des marchés financiers, where Gemini secured regulatory clearance as a virtual asset service provider. The exchange operationalized its platform in France, granting users access to trade over 70 cryptocurrencies via its web and mobile platforms, alongside its advanced ActiveTrader option.

Gemini looks to Asia as Canada’s regulations tighten

Gemini’s expansion in Europe and Asia unfolds as the exchange navigates regulatory hurdles in other regions. Earlier this month, the U.S.-based platform exited Canada, a market it once called “essential” for growth. Tightening regulatory demands prompted Gemini and other exchanges, including Binance, OKX, and dYdX, to leave Canada. Gemini informed Canadian users to withdraw funds by Dec. 31, following its earlier compliance efforts, such as pre-registering with the Canadian Securities Administrators in April 2023.

In April, the Canadian government also introduced a new Crypto-Asset Reporting Framework, set to be enforced in 2026, which will require all crypto service providers, including exchanges, brokers, and ATM operators, to report detailed transaction data annually.

Crypto exchange Gemini has announced its exit from the Canadian market, joining several other platforms that have left due to the country’s strict regulatory environment.

Canadian customers of the Winklevoss-founded exchange reported receiving an email urging them to withdraw their funds by Dec. 31, giving them 90 days to move their assets.