September 21, 2023

Circle has been licensed as the main payment institution in Singapore

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Circle has been licensed as the main payment institution in Singapore

Circle, the issuer of the popular USDC stablecoin, has announced that it has received a Master Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The license will allow Circle to offer servicescross-border and domestic money transfers in the city-state through a variety of products and services. The company will also be able to provide its institutional clients with a Circle Account, which will allow them to access USDC.

“We are honored to receive the MPI license fromMAS and we remain committed to being a part of Singapore's vibrant economy by promoting the future of fintech innovation in the city-state, developing its new technologies and fintech sector, and creating business and career opportunities for its fintech professionals. technology and the financial industry,” said Circle co-founder and CEO Jeremy Allaire.

Recall that in February 2023 CircleSingapore has partnered with Tribe, the nation's first builder of a government-backed blockchain ecosystem, on a new training program to grow and upskill regional Web3 developers.

In November, Circle received MAS permission to operatewith digital assets in the country. The company can issue cryptocurrency, as well as make domestic and international payments with it in Singapore. Circle Singapore officially opened its office in May 2023.

Singapore aims to establish itself as one of thethe most favorable jurisdictions for the crypto industry. In August, MAS issued a license to the Australian exchange Independent Reserve, and in September, the largest Singaporean bank DBS provided an opportunity for accredited clients to trade crypto assets.