Stablecoin issuer Circle has urged the European Commission to lower the barrier for institutions to engage with crypto-asset service providers in response to its proposed Market Integration Package — a policy initiative aimed at strengthening capital markets in Europe. 

In a statement on Monday, Circle said the Commission’s MIP proposals represent a “meaningful step toward a digitally enabled financial system” but also outlined several areas for improvement.

Those included reforming the DLT (distributed ledger technology) Pilot Regime and scaling what the Commission describes as e-money tokens (EMTs) by permitting more crypto-asset service providers to operate. Circle said it submitted its feedback to the Commission on March 20.