Circle obtains Major Payment Institution license in Singapore

Circle has obtained a Major Payment Institution license from the Monetary Authority of Singapore — allowing the USDC stablecoin issuer's affiliate, Circle Internet Singapore, to offer digital payment token services and cross-border and domestic money transfer services in the city-state.

"This milestone signifies a huge step forward for the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the greater Asia region," Circle said in a press release.

'Singapore is integral to Circle's global expansion'

Circle officially opened its office in Singapore last month after collaborating with the country's first government-supported blockchain ecosystem builder, Tribe, in February. Late last year, Circle Singapore received In-Principle Approval as a Major Payment Institution License holder from the country's monetary authority.

“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value,” Jeremy Allaire, the co-founder and CEO of Circle, said.

“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," Allaire added.

Circle's chief strategy officer and head of global policy, Dante Disparte, said that “this is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region," adding: "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.”