Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 223

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 223
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 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.

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