Circle Singapore has achieved a significant milestone after obtaining its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement comes after receiving approval in principle in November of last year. The license authorizes Circle Singapore to provide not only digital payment token services but also cross-border and domestic money transfer services within the city-state.
Circle Singapore is affiliated with Circle International Financial, and it operates as the issuer of USD Coin (USDC), the second-largest stablecoin in terms of market capitalization, currently valued at an impressive $29 billion.
Last year, in response to proposed stablecoin regulation by the MAS, certain guidelines were established for issuers, outlining capital and reserve requirements. Additionally, users were prohibited from engaging in cryptocurrency locking activities such as lending and staking to earn interest.
According to Jeremy Allaire, the CEO, and Co-Founder of Circle, Singapore plays a crucial role in the company’s global expansion and mission to enhance global economic prosperity through seamless value exchange. He added, “We are delighted to receive the MPI license from MAS, and we are committed to participating in Singapore’s thriving economy by advancing financial technology innovations in the city-state, promoting its emerging fintech sector, and creating job and business prospects for its financial industry and technological talent.”
Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, stated that the receipt of the MPI license reflects the company’s continued commitment to collaborate with forward-thinking leaders and stakeholders at a global level and contribute to Singapore’s position as a hub for responsible financial services innovation.
Compiled by Coinbold
