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FameEX Hot Topics | Circle Secures Major Payment Institution License in Singapore

2023-06-08 17:26:35

Circle Internet Singapore, an affiliate of stablecoin issuer Circle, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license enables Circle to offer digital payment token services and domestic and cross-border money transfer services. Circle has chosen Singapore as its main hub in Asia. The company follows in the footsteps of, which received its MPI license earlier this month. Several other companies, including DBS Vickers, Digital Treasures Center, and Revolut, also hold MPI licenses. Circle's stablecoin, USD Coin (USDC), is the world's second-largest stablecoin, although its market share has declined recently. Singapore has emerged as a prominent cryptocurrency hub, with around 6% of the world's crypto funds based in the country. It ranks alongside Switzerland and Hong Kong in terms of crypto fund concentration, trailing behind the United States and the United Kingdom. Singapore has established a favorable regulatory environment for cryptocurrencies and has seen significant adoption in the crypto space.

Circle's receipt of the MPI license solidifies its presence in Singapore and reinforces the country's status as an attractive destination for crypto-related businesses. The license allows Circle to expand its offerings and provide secure and efficient digital payment and money transfer services to its customers. With Singapore serving as its principal hub in Asia, Circle aims to leverage the country's supportive regulatory framework and growing crypto ecosystem for its global expansion plans.

The popularity of stablecoins, such as USDC, has grown significantly in recent years as they provide a stable value pegged to fiat currencies, offering users a reliable medium of exchange and store of value within the cryptocurrency space. While USDC is the second-largest stablecoin, it faces competition from Tether (USDT), which holds the largest market share. Despite a decrease in market share over the past year, Circle remains committed to strengthening its position in the stablecoin market and expanding its offerings to meet the evolving demands of users.

Singapore's reputation as a cryptocurrency hub continues to grow, fueled by supportive legislation and a high level of crypto adoption. The country's proactive approach in creating a conducive environment for crypto-related businesses has attracted numerous players in the industry. As more companies secure MPI licenses and establish their presence in Singapore, the country's crypto ecosystem is expected to further thrive, contributing to its position as a key player in the global crypto landscape.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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