Circle Singapore has successfully obtained its Major Payment Institution (MPI) license for digital payment token services in the country. This milestone comes after the company secured in-principle approved in November last year.
According to recent announcement, the Monetary Authority of Singapore (MAS) has granted CIrcle Singapore the necessary license to provide digital payment token services, as well ascross-border and domestic money transfer services within the city-state.
Affiliated with Circle Internat Financial, Circle Singapore is known for being the issuer for USD Coin (USDC), the second-larest stablecoin in terms of market capitalization. As of the time of writing, the market cap of USDC stands at an impressive $29 billion.
In response to stablecoin regulation proposed by the MAS last year, certain guidelines were put forth that outline capital and reserve requirements for issuers. Additionally, there are provisions to prohibit users from engaging in activities such as lending and staking, which involve the locking of cryptocurrency to earn interest.
According to Jeremy Allaire, the Co-Founder and CEO of Circle, Singapore holds significant importance in the compan’s global expansion and its mission to promote global economic prosperity through seamless value exchange.
Also added, “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.”
Dente Disparte,Circle’s Chief Strategy Officer and Head of Global Policy, expressed 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.”
Also Read: Circle Shifts USDC Reserves to Mitigate US Debt Default Risk
