Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 237

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 237
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 par value by paying in funds, other than electronic money, the monetary value of the 162

e-money token. 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, 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 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