Circle Approved as Major Payment Institution in Singapore

Circle is continuing its push to mitigate regulatory risk by receiving licenses to operate beyond the boundaries of the US.

This week, Circle announced it had been approved as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS).

Circle is a top stablecoin issuer, with USDC, a dollar-based digital asset, being the second most popular stablecoin in the world.

Circle said the new approval allows it to offer digital payment services along with cross-border money transfers along with the “Circle Account.” This includes access to USDC.

Circle described the MPI as a huge step forward for the future of regulated and trusted dollar digital currencies in Singapore and the greater Asia region. Circle believes that USDC is the foundation for a new age of digital financial services.

Circle CEO and co-founder Jeremy Allaire said they are honored to receive the MPI license from MAS and are committed to being a part of Singapore’s dynamic economy and Fintech sector. Singapore is largely viewed as the top Fintech hub in all of Asia. Circle Singapore officially opened its office just this past May.

As the US regulatory environment for digital assets remains opaque with no end to the policy morass in sight, Circle is keen to hedge its bets by setting up operations beyond the borders of the US. Earlier this year, Circle applied for regulatory approval in France – a move that will allow their services to be passported across Europe.

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