The license will allow Circle to offer cross-border and domestic money transfer services in the city-state through a variety of products and services. The company will also be able to provide its institutional customers with a Circle Account that will allow them to access the USDC.
“We are honored to receive the MPI license from MAS, and remain committed to being part of Singapore’s vibrant economy, advancing the future of financial technology innovation in the city-state, developing its new technology and fintech sector, and creating business and career opportunities for its technology and financial industry professionals,” said Circle co-founder and CEO Jeremy Allaire.
Recall that in February 2023, Circle Singapore partnered with Tribe, the country’s first government-backed blockchain ecosystem creator, on a new training program aimed at growing and improving the skills of regional Web3 developers.
In November, Circle received MAS approval to work with digital assets in the country. The company can issue cryptocurrency and make domestic and international payments with it in Singapore. Circle Singapore officially opened its office in May 2023.
Singapore aims to gain a reputation as one of the most favorable jurisdictions for the crypto industry. In August, MAS issued a license to Australian exchange Independent Reserve, and in September, Singapore’s largest bank, DBS, allowed accredited clients to trade cryptoassets.