USDC Issuer Circle Obtains Major Payment Institution License

USDC Issuer Circle Obtains Major Payment Institution License

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Circle Internet Singapore Pte. Ltd. announced on Wednesday that it had received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). 

Circle Internet Singapore Pte. Ltd. is an affiliate of Circle Internet Financial LLC. 

Major Payment Institution License (MPI) 

The Major Payment Institution License will allow Circle Internet Singapore to offer users in Singapore digital token payments services, cross-border money transfer services, and domestic money transfer services in the city-state through its portfolio of products and services. These include the Circle Account, which allows institutional customers to access USDC. Circle Singapore only set up its office last month after receiving in-principle approval as a major payment institution from local authorities. 

Jeremy Allaire, the co-founder and CEO of Circle, stated that the company was committed to being an integral part of Singapore’s economy and was honored to receive the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). 

“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value. 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.”

MPI License Underscores Circle’s Strong Reputation

In a press release, Circle stated that receiving the Major Payment Institution License highlighted Circle’s strong reputation as a responsible digital financial company. Furthermore, it also serves as a testament to the company’s strong track record and contributions to the emerging, internet-based global financial system. It further added that the receipt of the license is significant for regulated dollar digital currencies in Singapore. 

Now that it is a licensed entity, Circle Singapore can look to leverage its expertise and drive innovation fully. It can also expand its offerings and deliver value to clients and stakeholders. Circle’s Head of Global Policy and Chief Strategy Officer, Dante Disparte, stated, 

“This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region. 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.”

Circle’s Growth In Singapore

The receipt of the License comes against the backdrop of Circle’s continued momentum and growth in the Singapore markets. In February 2023, Circle announced a collaboration with the country’s first government-supported blockchain ecosystem builder, Tribe. Under the partnership, Circle launched a training and support program aimed at upskilling the Web3 developers in the region. Circle’s USDC stablecoin is currently the 5th largest cryptocurrency, with a market capitalization of over $28 billion.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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