Circle, a major cryptocurrency company behind USDC stablecoin, finally got approval from the Monetary Authority of Singapore (MAS). Its affiliate company, Circle Internet Singapore now has a Major Payment Institution (MPI) license to operate digital token services.
Source: Kim Pastor
On June 7, 2023, the company proudly announced a significant milestone. Circle revealed its plans to offer comprehensive domestic and cross-border money transfer services within the country.
In the official statement, CEO Jeremy Allaire, Co-Founder of Circle, shares that the company’s expansion to Singapore is integral to the expansion and growth of its ecosystem. “We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore’s dynamic economy…” he said.
The MPI license to USDC will allow institutional users to access various products and services offered by Circle.
Singapore’s Thriving Crypto Ecosystem and Regulatory Advantage for USDC
USDC is a well-known stablecoin that contributes to building the future of the financial infrastructure around the world. Singapore mainly leads in this aspect.
Underpinned by a proper regulatory framework and a supportive ecosystem, Singapore has positioned itself as an ideal destination for crypto companies. The country’s authorities are set on establishing Singapore as a hub for “financial services innovation”.
By embracing USDC and other stablecoins and digital assets, Singapore demonstrates its progressive approach to financial technology and its commitment to constructing a robust and secure financial infrastructure. As the global financial landscape continues to evolve, Singapore remains at the forefront of driving financial innovation and enabling the growth of digital currencies like USDC.
Reference: Official press release