Circle Internet Singapore, a subsidiary of Circle in Singapore, has been awarded a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Circle Singapore received MPI preliminary approval from MAS in November and opened its office in the city-state in May.
The MPI license allows Circle to provide digital payment token services and domestic and cross-border money transfer services, according to a statement from fintech, the issuer of USD Coin (USDC) and Euro Coin (EUROC).
Circle has identified Singapore as its main hub in Asia, according to the statement. Circle Co-Founder and CEO Jeremy Allaire He said:
“Singapore is an integral part of Circle’s global expansion.”
Circle follows Crypto.com, which was awarded its MPI license on June 1 after receiving approval in principle in June 2022. Other MPI licensees include DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, and Sparrow Tech and Haku. Gemini has also expressed interest in expanding into the city-state.
As cryptocurrency exchanges face SEC lawsuits, the company behind the $30 billion cryptocurrency believes that if regulation finally comes to crypto and stablecoins, its write-in approach will put them ahead: @employee And @employee 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 last year as of May in favor of its larger competitor.
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Six percent of the world’s cryptocurrency funds are in Singapore, study is found in 2022. It is tied with Switzerland and Hong Kong for third in the world, after the United States and the United Kingdom, for this criterion. Singapore provides a positive environment for cryptocurrency through legislation and has a high rate of cryptocurrency adoption.
Temasek, the state-owned investment fund, is also a supporter of the crypto industry, with investments in companies such as Animoca Brands and Amber Group. It was also a major backer of the bankrupt cryptocurrency exchange FTX, with an investment of $275 million.
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