Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 236

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 236
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 according to its reserve management standard for the
benefit of all USDC holders. The reserves held pursuant to this arrangement must meet or exceed the total value of USDC custodied and reported by the EPIESPs on behalf of their customers, but the reserves are not earmarked for those EPIESPs or their
customers.

Bermuda

Circle International Bermuda Limited holds a DABA
license and is regulated by the BMA. On February 13, 2025, Circle received a “no objection” notification from the BMA in response to Circle’s material change in business application. As a result, Circle is conditionally approved to
issue USYC and offer Circle Mint accounts out of Bermuda, along with other ancillary activities. The conditions to launching these activities are standard in nature and consistent with the BMA’s regulatory framework.

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Evolving regulatory landscape abroad

There are a growing number of jurisdictions where Circle is not currently licensed that are recognizing the real-world utility of payment stablecoins. As a consequence,
we are seeing new regulatory frameworks emerge to which we may one day be subject. For example, in September 2023, Dubai’s Virtual Assets Regulatory Authority enacted clear rules for the issuance of a “Fiat-Referenced Virtual Asset,”
and USDC/EURC are the first stablecoins approved as recognized crypto tokens by the Dubai Financial Services Authority. In addition, on April 24, 2025, Circle Internet MEA LTD received in-principle approval from the Financial Services Regulatory
Authority (“FSRA”) of Abu Dhabi Global Market to operate as a money services provider. In Canada, Circle became the first stablecoin issuer to comply with the new listing requirements in the Canadian Securities Administrators’
Value-Referenced Crypto Asset regime and is in full compliance with the Ontario Securities Commission regulations. Furthermore, the Hong Kong Monetary Authority is currently engaged in a public consultation process on a legislative proposal to
regulate issuers of stablecoins within Hong Kong. We believe the regulatory frameworks in Dubai and Hong Kong are largely consistent with Circle’s existing redemption, reserve, and transparency practices. The emergence of regulatory frameworks
tailored to stablecoins in key financial hubs evidences a growing recognition among advanced economies that digital assets like USDC and EURC may play a critical role in the future of financial markets and payment systems.

Other regulatory requirements

Anti-money laundering and counter-terrorism regulation

As described above, we are subject to various regulations regarding AML and CFT. We maintain an AML and C