Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 222

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 222
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 148

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

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 SAS to issue USDC and EURC within the EEA subject to MiCAR’s regulatory obligations for stablecoins or
e-money tokens.

United Kingdom

Circle UK Trading Limited holds an
Electronic Money Issuer license with the UK Financial Conduct Authority (“FCA”). Since 2020, the FCA has required all digital asset businesses to register with it. The Financial Services and Markets Act 2023 (“FSMA”) designates
digital assets as regulated activity and implemented a mandate for the supervision of crypto promotions. His Majesty’s Treasury, the FCA, and the Bank of England have issued policy guidance with the aim of bringing stablecoins and other crypto
assets into the regulatory perimeter. Following a period of consultations with industry, this guidance is expected to come into force in 2025.

Singapore

Circle Internet Singapore Pte Ltd. holds a Major Payments Institution License (”MPI”) and is regulated by the Monetary Authority of Singapore
(“MAS”). The MPI allows us to operate as a Digital Payment Token Services Provider to conduct payment/digital payment token (“DPT”) services, including those related to account issuance, domestic, and cross-border and DPT
services, which includes the 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.

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 June 2023, Japan’s Financial Services Agency implemented a legal framework for stablecoins. In September 2023, Dubai’s Virtual Assets
Regulatory Authority enacted clear rules for the issuance of a “Fiat-Referenced Virtual Asset.” The regulatory frameworks in Japan and Dubai are largely consistent with Circle’s existing redemption, reserve, and transparency
practices. Furthermore, the Hong