Circle submits response to EU MiCA regulatory consultation, suggesting the establishment of an equivalent accreditation system

Circle has submitted a response to the European Commission's targeted consultation on MiCA, suggesting retaining the multiple issuance structure and establishing an equivalent and recognition system for global stablecoins similar to EMIR, CSDR, and MiFIR. Circle stated that currently only USDC, USDG, and EURC among the top 25 stablecoins in the world are regulated by MiCA. It is recommended that the regulatory authorities in the jurisdiction where the issuing institution is located be responsible for regulation, and the EU level should conduct institutional equivalence recognition and EBA entity recognition.