Stablecoin issuer Circle has cemented its presence in Asia by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license was awarded to the local subsidiary Circle Internet Singapore Pte. Ltd. (Circle Singapore), which opened an office in the city-state last month.
Singapore's Approval for Crypto Companies
Announced today (Wednesday), the new license will allow the Singapore subsidiary of Circle to offer digital payment token services, along with cross-border and domestic money transfer services. Additionally, the company can provide Circle Account, which allows institutional customers access to USDC, a USD-pegged digital currency.
"Singapore is integral to Circle's global expansion and mission in raising global economic prosperity and through the frictionless exchange of value," said the Co-Founder and CEO of Circle, Jeremy Allaire.
"We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore's dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent."
Crypto Firms' Asia Hub?
Singapore, a major financial services hub in Asia, is now trying to lure crypto and other blockchain startups. Several well-known crypto exchanges have also obtained similar licenses in the city-state.
Most recently, Crypto.com received the MPI license from the Singapore regulator. Other recipients of the license include Blockchain.com and Coinbase. Paxos, another stablecoin issuer, gained the approval.
"This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region," said Dante Disparte, Circle's Chief Strategy Officer and Head of Global Policy, adding that: "The receipt of the MPI license represents our continued commitment to work with forward-thinking leaders and stakeholders at a global level and contribution to Singapore's position as a hub for responsible financial services innovation."
Meanwhile, Singapore's MAS proposed heavy restrictions on retail cryptocurrency trading and limitations in the circulation of stablecoins. The proposed regulations are still in the consultation stage.
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This article was written by Arnab Shome at www.financemagnates.com.
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