USDC-issuer Circle finally secures in-principle approval as a Major Payments Institution license holder from the Monetary Authority of Singapore (MAS).
According to the press release, the in-principle approval allows Circle “to offer digital payment token products, cross-border and domestic transfer services in Singapore.”
Circle had already designated Singapore as its central hub in Asia and continues to hire there to support its expanding regional operations.
Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy stated “This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems, and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets.”
Jeremy Allaire, Co-Founder, and CEO of Circle added “We are honored to receive the in-principle license, and we look forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystem as well as the advancement of fintech innovation in Singapore.”
Jeremy and Dante will also take the stage at the Singapore Fintech Festival from November 2, 2022 to November 4, 2022, speaking about the long-term viability and the future outlook of digital assets.
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