As per the recent reports, the Monetary Authority of Singapore (MAS) has granted a Major Payment Institution (MPI) license to Circle’s Singaporean subsidiary, Circle Internet Singapore.Â
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Circle Establishes Prominent Presence in Singapore
According to a statement made by the fintech company, with this MPI license Circle will be able to provide digital payment token services as well as local and international money transfer services.Â
Jeremy Allaire, co-founder and CEO of Circle, stated: “Singapore is integral to Circle’s global expansion.”
Notably, Circle Singapore launched its headquarters in the city-state in May after receiving in-principle MPI permission from MAS in November.Â
USDC to Challenge USDT?
Circle is the company behind the stablecoins called the USD and Euro Coin (EUROC). After Tether, USDC has become the second-big stablecoin in the world, although as of May, its market share has decreased from 34.88% to 23.05% in favor of a bigger rival.
Circle Won In-Principle Approval from MAS Last Year
It is noteworthy that the Monetary Authority of Singapore (MAS) has already granted in-principle authorisation to cryptocurrency exchange platform Crypto.com to provide a number of payment services in the city-state starting in June 2022.Â
DBS Vickers, Digital Treasures Centre, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech, and Hako are further MPI license holders.Â
Crypto Adoption Rate in Singapore Skyrockets
As a result of Singapore’s favorable regulatory framework and high rate of cryptocurrency acceptance, a number of businesses have sized up Singapore’s efficiency as a major hub for cryptocurrency and made the shift to Singapore. .
Back in August last year, the Monetary Authority of Singapore (MAS), the Asian city-state’s financial regulatory agency was reported to have some plans to impose extra regulatory measures in the cryptocurrency sector, as reported by TheCoinRise.
Meanwhile, a recent survey shows that Singaporean women outperformed their male counterparts in crypto as regards crypto investment. In comparison to 72% of males, 76% of Singaporean women trade cryptocurrencies profitably or break-even, according to the Independent Reserve Cryptocurrency Index (IRCI).
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