Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 222

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 222
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 and incur additional costs. As of the date of this prospectus, we believe the following non-U.S. jurisdictions are material to our business. European Union MiCAR generally regulates the operation of a trading platform for crypto-assets, any exchange of crypto-assets for fiat or crypto-assets, the custody and administration of crypto-assets, and any execution or the transmission of orders for crypto-assets on behalf of third parties. MiCAR requires any company offering digital asset services in the European Union to be licensed by an EU member state and, among other things, establishes requirements related to governance, reserves, capital, asset safeguarding, segregation, and security. Under MiCAR, issuers of e-money tokens (such as USDC and EURC) must issue e-money tokens at par value upon receiving the equivalent funds. Holders of e-money tokens have a claim against the issuer of e-money tokens and, upon a redemption request by such holder, the issuer must redeem it at par value by paying in funds, other than electronic money, the monetary value of the e-moneytoken. The issuer must offer holders a fee-free method to redeem e-money tokens. Issuers of e-money tokens cannot grant interest in relation to e-money tokens, including any remuneration or any other benefit related to the length of time during which a holder of an e-money token holds such e-money token. In addition, MiCAR requires at least 30% of the funds received to be deposited in separate accounts in credit institutions and the remaining funds received to be invested in highly liquid financial instruments with minimal market risk, 155

credit risk, and concentration risk and the investments to be capable of being liquidated rapidly with minimal adverse price effect. Furthermore, an issuer of e-money tokens must ensure that the
reserve assets are not commingled at any time with the funds of any natural or legal person other than holders of such e-money tokens on whose behalf the reserve assets are held, and the reserve assets must be insulated against the claims of other
creditors of the issuer, in particular in the event of insolvency.

We hold a Digital Asset Service Provider (“DASP”) registration and an E-Money Institution (“EMI”) license in France, subject to supervision by the Authorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution,
respectively. The DASP allows Circle Internet Financial Europe SAS, one of our subsidiaries, to custody, transmit, and exchange digital assets, and the EMI license allows Circle Internet Financial Europe