- The company has become an official payment institution (MPI)
- The firm’s CEO said Singapore is an integral part of Circle’s global expansion strategy
Circle announced today, June 7, that it has become a licensed payment institution (MPI) in Singapore. The firm has registered with the Monetary Authority (MAS) and is registered as a service provider.</nbsp;
The authorization effectively allows the organization to serve customers in three areas:
- domestic payments;
- transfers across borders;
- cryptoasset transactions.</nbsp;
Circle has also been given the option to open a corporate account, which will give local institutions access to USDC trading.
“The MPI license highlights Circle’s reputation as a trusted provider of digital financial services. In addition, it indicates a significant “track record” and reflects our company’s contribution to the development of the global virtual payment system. This milestone marks a huge step forward for the future of regulated, transparent and secure digital dollar currencies in Singapore and across Asia,” the press release said.
Circle CEO Jeremy Allaire stressed that city-state is an integral part of the company’s global expansion strategy. Singapore can indeed be called a regional cryptohub, but it is not easy to get a license there.
In April we reported that the local authorities are preparing a set of rules for financial counterparties to work with clients in the cryptocurrency sector. And, judging by the available information, it will be quite tough.Despite this Singapore is in consistently high demand among fintech firms and exchanges. Earlier, Crypto.com was licensed here.