Circle is well regulated and licensed under U.S. state money transmission licenses, the state regimes that govern the likes of major U.S. payments entities, including Apple, PayPal, and Stripe. We are also registered as a money services business (MSB) with the U.S. Department of the Treasury, which means we adhere to know your customer (KYC), anti-money laundering (AML), and countering the financing of terrorism (CFT) requirements, including sanctions compliance. We also have an E-Money Issuer License from the U.K. Financial Conduct Authority (FCA); a Bermuda Digital Asset Business License from the Bermuda Monetary Authority; and recently received In-Principle Approval as a Major Payments Institution License holder from the Monetary Authority of Singapore (MAS).