Circle received a payment institution license in Singapore


A subsidiary of the USDC stablecoin co-issuer, Circle, became the owner of the license MPI from the Monetary Authority of Singapore.

“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. The partners jointly hosted a hackathon with over 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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