Circle, a stablecoin issuer, announced that its regulated subsidiary had become the first to comply with the Canadian Securities Administrators (CSA) Value-Referenced Crypto Asset (VRCA) requirements. This compliance allows Circle's USDC, a US dollar-backed stablecoin, to remain available on registered crypto trading platforms in Canada.

According to the announcement, USDC becomes the first stablecoin to meet the standards set by Canadian regulators ahead of the CSA's December 31, 2024, deadline for delisting non-compliant stablecoins. 

Circle’s Chief Strategy Officer, Dante Disparte, emphasized the importance of regulatory compliance in a statement. He noted that the initiative underscores Circle’s commitment to fostering a “transparent and accountable digital financial ecosystem” and aligns with the CSA’s approach to creating a regulated framework for digital assets.

The Canadian Securities Administrators introduced the VRCA framework as part of efforts to improve oversight of digital assets. Platforms operating in Canada must meet these standards to continue offering stablecoins like USDC.

Circle claims to have been actively working with regulators globally to navigate emerging rules for digital assets. Outside Canada, the company has also secured licenses in various jurisdictions, including the US, European Union, and Singapore. 

Earlier this year, Circle's French subsidiary became the first global stablecoin issuer to comply with the EU’s Markets in Crypto-Assets (MiCA) framework, enabling the issuance of USDC and EURC in the region. In Singapore, Circle’s subsidiary obtained a Major Payment Institution License in 2023 from the Monetary Authority of Singapore.