United

April

Read

<p class="is-style-lead">Circle, the issuer of the USDC stablecoin, is expanding its presence in the Asian market with a new license to operate in Singapore.</p>



<p>The Monetary Authority of Singapore (MAS), the country&#8217;s central bank, has granted the company&#8217;s Singapore division, affiliated with Circle Internet Financial, a Major Payment Institution (MPI) license.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">We are honored and excited to share that Circle Singapore has obtained a Major Payment Institution (MPI) License from <a href="https://twitter.com/MAS_sg?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@mas_sg</a>! <a href="https://t.co/RZSfeBZiqJ" target="_blank">https://t.co/RZSfeBZiqJ</a><br><br>Now, we can offer digital payment token services alongside cross-border and domestic money transfer services in Singapore and…</p>&mdash; Circle (@circle) <a href="https://twitter.com/circle/status/1666269080750309376?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 7, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Having obtained the MPI license, Circle Singapore can provide various services, including digital payment token services, cross-border and domestic money transfers within Singapore. Moreover, institutional customers will now have the opportunity to utilize the Circle Account, enabling them to leverage USDC, the world&#8217;s second-largest stablecoin.</p>



<p>License issuance is regarded as a major development for the cryptocurrency industry in Singapore and the greater Asian region. Circle highlighted the milestone as a step forward for regulated and trusted dollar digital currencies in the area.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/singapores-mas-grants-license-to-crypto-com/" class="cn-block-related-link__link">
            Singapore’s MAS grants license to Crypto.com        </a>

    
</div>


<p>Jeremy Allaire, co-founder and CEO of Circle, emphasized the importance of Singapore in the company&#8217;s global expansion and its mission to promote global economic prosperity.</p>



<p>Dante Disparte, Circle&#8217;s chief strategy officer and head of Global Policy, commented that the MPI license demonstrates the company&#8217;s ongoing commitment to collaborating with progressive leaders and stakeholders worldwide.</p>



<h2 class="wp-block-heading" id="strong-singapore-embraces-crypto-amidst-us-scrutiny-strong"><strong>Singapore embraces crypto amidst US scrutiny</strong></h2>



<p>Despite facing criticism and increased scrutiny due to the FTX scandal involving Sam Bankman-Fried, Singapore remains a global hotspot for web3 businesses.</p>



<p>To prevent a banking crisis similar to the one in the US, the country&#8217;s central bank and police <a href="https://crypto.news/singapore-to-help-banks-set-standards-for-vetting-crypto-businesses/">unveiled plans </a>in April to establish a framework facilitating easier access for traditional financial institutions to potential crypto business partners.</p>



<p>Last year, MAS proposed regulations for stablecoins that included capital and reserve requirements for issuers. The regulations also aimed to restrict users from engaging in activities like lending and staking, which involve locking crypto assets to earn interest.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="New crypto regulations take effect in Hong Kong" width="1020" height="574" src="https://www.youtube.com/embed/jSLgp21g5y8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>As the <a href="https://crypto.news/secs-gensler-expresses-concern-over-binance-and-coinbase/">US intensifies its scrutiny</a> of the cryptocurrency industry, Circle is among the major crypto firms pivoting towards Asia. This week, the SEC filed lawsuits against Binance and <a href="https://crypto.news/sec-vs-coinbase-and-new-lawsuit-history-of-the-years-long-battle/">Coinbase</a>, two prominent industry players.</p>



<p>Recent reports suggest that crypto assets held by entities also leave the United States, indicating a growing divergence as more assets moved to Asia over the past year in response to the continued crackdown in America.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/us-regulatory-stand-could-benefit-china-coinbase-ceo-warns/" class="cn-block-related-link__link">
            US regulatory stand could benefit China, Coinbase CEO warns        </a>

    
</div>

Circle receives digital token license in Singapore

Tabla de contenidos

crypto.news

Otros artículos publicados el 7 jun 2023

Crypto Analyst Predicts Bitcoin’s Pathway to Record Highs

Meme Coins Avoid SEC Scrutiny: Will DOGE, SHIB, PEPE Rise?

Over 200k NFTs Created 72 hours after ChainGPT AI NFT Generator Prototype Release

Solana price prediction, DeFi exchange, Tradecurve, gearing up for a rally

Crypto Will Eventually Defeat the Global Financial Order: Hoskinson

How to Get Pinksale SAFU Badge. A Guide For Project Owners

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!