Circle Becomes Second Firm to Win Singapore’s MPI License in June
- Stablecoin issuer Circle has become the second firm in June to receive the MPI license in Singapore.
- On June 1, crypto trading platform Crypto.com received its license from the Monetary Authority of Singapore.
- Circle received in-principle approval from the MAS in November last year.
- Singapore is a very important region for the fintech firm, said CEO Jeremy Allaire.
Circle, the firm behind the second-largest stablecoin by market capitalization, USDC, has announced that it has been granted the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) , the central bank and financial regulatory authority of the city-state. It is the second firm to receive the license in the region this month.
It is crucial to note that Circle received in-principle approval from the MAS in November last year and thereafter opened an office in Singapore in the month of May. As per the statement released by the stablecoin issuer, the MPI license will enable the firm to offer digital payment token services and domestic and cross-border money transfer services in the region without any hassle.
“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,” said Jeremy Allaire, Co-Founder and CEO of Circle.
As per the official statement, the firm behind the USD Coin (USDC) and Euro Coin (EUROC) stablecoins said that it “would fully leverage its corporate affiliates’ expertise to drive innovation, expand its offerings, and deliver greater value to its clients and stakeholders.” Additionally, the Chief Strategy Officer, Dante Disparte, said that the MPI license granted to Circle contributes to Singapore’s position as “a hub for responsible financial services innovation.”
According to reports, Circle is the second firm to win the MPI license in Singapore, the first being Crypto.com, a crypto trading platform that was licensed on June 1 following the in-principle approval in June 2022. There are other MPI license holders as well, including DBS Vickers, Digital Treasures Center, Fomo Pay, Metacomp, Paxos, Revolut, Hako, and more.
In an earlier report by BitcoinWisdom, it was revealed that the CEO of Circle, Allaire, stated that the United States dollar faces an immediate threat from other nations and urged the United States Congress and the Federal Reserve to lay the foundation for stablecoin regulation. He said that the digitalization of the US dollar is crucial considering the “very active de-dollarization taking place.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
