Cryptocurrency

United

Rocky

Base

Erosion

<a href="https://www.circle.com/en/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Circle Internet Financial</a>, the entity behind USD Coin—the second-largest stablecoin globally—has announced its plan to relocate its legal base from the Republic of Ireland to the United States.
This decision comes as the U.S. tightens its cryptocurrency regulations.
A Circle spokesperson confirmed to Bloomberg on May 14 that the company has initiated legal proceedings for the move, though specific reasons for the relocation were not shared.
This move coincides with Circle’s efforts to go public, as indicated by their confidential submission of an initial public offering (IPO) plan via a press release in January.
READ MORE: <a href="https://www.cryptointelligence.co.uk/shiba-inus-rocky-road-to-2-5-cents-analysts-predict-long-term-surge-despite-current-market-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu’s Rocky Road to 2.5 Cents: Analysts Predict Long-Term Surge Despite Current Market Challenges</a>
Legal Implications Moving from Ireland, known for its lower corporate tax rates, to the U.S. will likely increase Circle’s tax burdens.
This shift is part of a broader response to global tax reforms initiated by the Organization for Economic Cooperation and Development (OECD).
Since October 2021, the OECD Global Anti-Base Erosion Rules mandate a minimum 15% tax on multinational enterprises (MNE) profits worldwide.
Meanwhile, Tether, the largest stablecoin issuer, has engaged in significant regulatory activities.
Tether CEO Paolo Ardoino revealed on X that the company has blocked over $1.3 billion worth of assets due to various threats,
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Circle Internet Financial to Relocate Legal Base from Ireland to U.S. Amid Tightening Cryptocurrency Regulations

Crypto Intelligence

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