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According to CryptoSlate citing disclosures from Circle, regulatory responsibilities for the financial safeguards of USDC issuance in the European Union will be transferred to the EBA on November 12.
According to CryptoSlate, citing Circle’s quarterly disclosures, regulatory responsibilities regarding financial safeguards such as capital, reserves, liquidity, and recovery and redemption plans for issuing USDC in the European Union were transferred to the European Banking Authority (EBA) on November 12. France's ACPR remains responsible for governance, outsourcing, and conflicts of interest. This arrangement applies to USDC issued by Circle France, with the transfer strictly concerning regulatory duties. Circle is still evaluating potential increases in capital and liquidity requirements as well as compliance costs, having disclosed no specific figures, nor has it announced any new holder redemption fees.
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