Circle’s Singapore affiliate, Circle Internet Singapore, has received the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Circle Singapore received MAS approval in principle in November and opened its office in the city-state in mid-May.
The MPI license allows Circle to offer digital payment token services and domestic and cross-border money transfer services, according to a statement published by the financial technology company, issuer of the USD Coin stablecoins (USDC) and Euro Coin.
Circle has identified Singapore as its main hub in Asia, according to the statement. Jeremy Allaire, Co-Founder and CEO of Circle said:
“Singapore is essential to Circle’s global expansion.”
Circle follows Crypto.com, which received its MPI license on June 1, after receiving in-principle approval in June 2022. Other MPI license holders include DBS Vickers, Digital Treasure Center, Fomo Pay, Independent Reserve, Metacomp, Paxos , Revolut, Sparrow Tech and Hako. Gemini has also expressed interest in expanding into the city-state. Gemini has also expressed interest in expanding to the city-state.
As crypto exchanges face SEC lawsuits, the company behind the $30 billion USD Coin believes that if regulation finally comes to crypto and stablecoins, its by-the-book approach will put it on top: by @ninabambysheva and @Steven_Ehrlich https://t.co/smlEV3b4ld
— Forbes Crypto (@ForbesCrypto) June 7, 2023
USDC is the second largest stablecoin in the world, after Tether (USDT), but USDC has seen its market share drop from 34.88% to 23.05% in the past year, starting in May, in favor of its largest competitor.
6% of the world’s cryptocurrency funds are based in Singapore, according to a study carried out in 2022. It is tied with Switzerland and Hong Kong for third place in the world, behind the United States and the United Kingdom, in that criterion. Singapore provides a positive environmentor for cryptocurrencies through legislation and also has a high adoption rate.
Temasek, the state investment fund, also supports the cryptocurrency sector, with investments in companies such as Animoca Brands and Amber Group. It was also one of the main funders of the failed cryptocurrency exchange, investing $275 million.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.
