Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 243

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 243
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offering, resale, and custody of USDC. Holding an MPI does not impose any transactional or volume limits, but we are subject to more stringent requirements, such as safeguarding customer funds, complying with AML and CFT rules, and submitting
regular audits and reports to MAS.

Japan

In March
2025, Circle completed the establishment of a trust structure to enable the distribution of USDC in Japan in a manner consistent with Japan’s stablecoin law, making USDC the first foreign-issued stablecoin permitted by Japan’s Financial
Services Agency (“JFSA”) for local distribution by JFSA-licensed intermediaries under the Payment Services Act. This structure requires: (1) licensing of local USDC distributors (“EPIESPs”) by the Japan Financial Services
Agency; (2) holding of eligible fiat reserves in trust, administered by a Japanese trust bank; and (3) a trust agreement involving Circle and the licensed EPIESPs. Circle engaged Shinsei Trust Bank as Trustee to administer the trust and
hold eligible reserves 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.

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