Circle Singapore, an affiliate of Circle Internet Financial, has announced the successful acquisition of its Major Payment Institution (MPI) license for digital payment token services in Singapore. The Monetary Authority of Singapore (MAS) granted the license, allowing Circle Singapore to provide various financial services, including digital payment token services and cross-border and domestic money transfers within the city-state.
Circle Singapore’s MPI license is a significant milestone for the company and positions it as a trusted and well-regulated operator in the digital financial technology sector. The license further strengthens Circle’s reputation as a responsible player in the emerging internet-based global financial system.
With the MPI license, Circle Singapore can now offer its Circle Account, which grants institutional customers access to USDC, the second-largest stablecoin by market capitalization. USDC, issued by Circle, is a digital dollar that operates 24/7 and moves at internet speed, providing users with a secure and efficient means of conducting transactions.
Last year, the MAS proposed stablecoin rules, introducing capital and reserve requirements for stablecoin issuers. However, these rules aim to restrict certain user activities, such as lending and staking, which involve locking cryptocurrency to earn interest. Circle Singapore demonstrates its commitment to maintaining a transparent and compliant financial ecosystem by adhering to these regulations.
Jeremy Allaire, Co-Founder and CEO of Circle, expressed his gratitude for receiving the MPI license from MAS. He emphasized Circle’s dedication to driving global economic prosperity by facilitating frictionless value exchange. Allaire also acknowledged the importance of Singapore in Circle’s expansion plans, stating, “Singapore is integral to Circle’s global expansion and mission.”
Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy highlighted the significance of the MPI license for Circle’s financial infrastructure and the future of dollar digital currencies in the region. He emphasized Circle’s commitment to collaborating with forward-thinking leaders and stakeholders globally and contributing to Singapore’s reputation as a hub for responsible financial services innovation.
Circle Singapore’s strategic collaborations and growing presence in Singapore
Circle Singapore’s receipt of the MPI license follows a series of strategic initiatives and collaborations within the city. In May 2023, Circle Singapore officially inaugurated its office, solidifying its presence in the region. In February 2023, the company partnered with Tribe, a government-supported blockchain ecosystem builder, to launch a training and support program to nurture and upskill Web3 developer talent. Circle Singapore’s recognition as a Major Payment Institution License holder from MAS was granted in November 2022, with the company designating Singapore as its principal hub in Asia to cater to its growing business in the region.
The issuance of the MPI license empowers Circle Singapore to leverage the expertise of its corporate affiliates, fostering innovation and expanding its service offerings. Regulated dollar digital currencies, such as USDC, are fundamental to the growth of responsible digital assets, blockchain technology, and web3 ecosystems, paving the way for the future of financial services.
With Circle Singapore’s MPI license in hand, the company is poised to shape the digital payment token services landscape and advance financial technology innovations within Singapore’s dynamic economy.
