A subsidiary of the co-issuer of the USDC stablecoin, Circle, became the owner of the license MPI from the Monetary Authority of Singapore.
We are honored and excited to share that Circle Singapore has obtained a Major Payment Institution (MPI) License from @mas_sg! https://t.co/RZSfeBZiqJ
Now, we can offer digital payment token services alongside cross-border and domestic money transfer services in Singapore and…
— Circle (@circle) June 7, 2023
“The approval allows Circle Singapore to offer digital payment token services in the city-state, including cross-border and domestic money transfers, through a variety of products and services,” the statement said.
Local institutional clients will be able to access USDC directly through their Circle account.
The company officially opened a branch office in Singapore in May. However, back in February, Circle Singapore partnered with state-backed blockchain accelerator Tribe. Partners jointly held a hackathon with the participation of more than 350 Web3 developers.
In November 2022, Circle received regulatory approval in principle to become a payment institution. The company has identified the jurisdiction as the main center for serving business in Asia.
“Singapore is an integral part of Circle’s global expansion and mission to enhance global economic wealth and the seamless exchange of value,” said Jeremy Allair, co-founder and CEO of Circle.
Recall that in March 2023, the company applied for licenses for a digital asset service provider and an electronic money institution in France as part of its expansion on the European continent.
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