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Circle’s Singapore affiliate, Circle Internet Singapore, has received a Master Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In November, Circle Singapore received MPI-in-principle approval from MAS and opened its office in the city-state in May.
According to a statement released by the fintech firm, which is the issuer of USD Coin (USDC) and Euro Coin stablecoins, the MPI license allows Circle to offer digital payment token services as well as domestic and international money transfer services.
According to the statement, Circle has identified Singapore as its main hub in Asia. Circle co-founder and CEO Jeremy Aller said:
“Singapore is an integral part of Circle’s global expansion.”
Circle follows Crypto.com, which was licensed by MPI on June 1 after receiving in-principle approval in June 2022. Other MPI license holders are DBS Vickers, Digital Treasure Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech. and Hako. The twins have also expressed interest in expanding into a city-state.
As cryptocurrency exchanges face SEC lawsuits, the company behind the $30 billion USD Coin believes that if regulation finally comes to cryptocurrency and stablecoins, its by-the-book approach will put it on top: by @ninabambysheva and @Steven_Ehrlich https://t.co/smlEV3b4ld
— Forbes cryptocurrency (@ForbesCrypto) June 7, 2023
USDC is the second largest stablecoin in the world after Tether (USDT), but its market share has fallen from 34.88% to 23.05% last year as of May in favor of its larger competitor.
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According to a 2022 study, six percent of global crypto funds are based in Singapore. According to this criterion, Singapore ranks third in the world after the US and the UK. Singapore provides a favorable environment for cryptocurrencies through legislation and has a high rate of adoption of cryptocurrencies.
Temasek, a public investment fund, also supports the cryptocurrency industry by investing in companies such as Animoca Brands and Amber Group. He was also a major backer of a bankrupt cryptocurrency exchange with a $275 million investment.