Circle Internet Singapore Secures Major Payment Institution License from MAS

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Tue, 26 Sep 2023, 01:26 PM
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Circle Internet Singapore Secures Major Payment Institution License from MAS

Fri, 09 Jun 2023, 00:21 am UTC

Following the footsteps of its peers, Circle Internet Singapore, the Asia-centric extension of fintech innovator Circle, has successfully secured a coveted Major Payment Institution (MPI) license from the stringent Monetary Authority of Singapore (MAS). This significant achievement comes on the heels of its preliminary approval in November, and the commencement of Circle's operations in Singapore last May.

The MPI license is a clear testament to Circle's commitment to the digital economy. It enables the company to furnish digital token payment services and facilitate domestic as well as international money transfers. Circle, recognized for its creation and issuance of stablecoins like USD Coin (USDC) and Euro Coin (EUROC), announced this significant development in a public statement.

The Asian city-state of Singapore has been flagged as a pivotal hub in Circle's international growth strategy. Circle's co-founder and CEO, Jeremy Allaire, unequivocally stated, "Singapore is integral to Circle’s global expansion."

This development comes closely after Crypto.com obtained the same MPI license on the first day of June, having received its initial approval in June the previous year. Singapore stands as a global leader in the crypto space, accounting for six percent of worldwide crypto funds, as reported in a 2022 study. It shares the podium with Switzerland and Hong Kong as the third-largest cryptocurrency hub globally, with the United States and United Kingdom leading the pack. Singapore is lauded for its crypto-friendly legal environment and high cryptocurrency adoption rates.

The government-owned investment firm, Temasek, bolsters Singapore's prominence in the industry. Known for its investments in crypto-driven companies such as Animoca Brands and Amber Group, it made headlines for its substantial $275 million investment in the now-defunct crypto exchange FTX.

In essence, Circle’s procurement of the MPI license from the Monetary Authority of Singapore solidifies its influential role in the growing digital economy.

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