Circle is a new Major Payment Institution licensed in Singapore.
Circle’s affiliate in Singapore, Circle Internet Singapore, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). Circle Singapore obtained in-principle approval for MPI from MAS in November and opened its office in the city-state in May.
According to a statement released by the fintech firm, which is the issuer of stablecoins USD Coin (USDC) and Euro Coin (EUROC), an MPI license allows Circle to offer digital payment token services and domestic and cross-border money transfer services.
Circle has stated that Singapore is its main hub in Asia. Circle’s co-founder and CEO, Jeremy Allaire, said:
“Singapore is integral to Circle’s global expansion.”
Crypto.com was granted its MPI license on June 1 after receiving approval in principle in June 2022. Other holders of MPI licenses include DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech, and Hako. Gemini has also expressed interest in expanding to the city-state.
USDC is the world’s second-largest stablecoin, after Tether (USDT), but its market share has decreased from 34.88% to 23.05% in favor of its larger competitor in the last year as of May.
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A study conducted in 2022 found that 6% of the world’s cryptocurrency funds are based in Singapore. It is tied with Switzerland and Hong Kong for third place worldwide, behind the United States and the United Kingdom for that criterion. Singapore has a high rate of cryptocurrency adoption and provides a positive environment for the crypto industry through legislation.
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 investor in bankrupt crypto exchange FTX, with a $275 million investment.
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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
