Circle, which operates the famous USDC stablecoin, has announced that it has received a master payment institution licence from the Monetary Authority of Singapore (MAS).
This licence will enable Circle to offer domestic and international money transfer services in Singapore through several products and services. Additionally, the company's institutional customers will be able to obtain a Circle account which will give them access to USDC.
"We are incredibly grateful to MAS for granting us the MPI licence and remain committed to being part of Singapore's vibrant economy, improving the future of financial technology in the city-state, boosting the emerging technology and fintech sector and creating jobs for tech and financial industry employees," said Jeremy Ellair, co-founder and CEO of Circle.
In February 2023, Circle Singapore partnered with Tribe, the country's first government-approved blockchain ecosystem creator, to develop a new training programme designed to enhance and improve the capabilities of regional Web3 developers.
In November, the Monetary Authority of Singapore approved Circle to manage digital assets in the state. This means the company can issue cryptocurrency and use it to make domestic and international payments within Singapore. Circle officially opened an office in Singapore in May 2023 to move the country closer to becoming one of the most attractive places for cryptocurrency activities.
At the end of August, the MAS granted permission to Independent Reserve, an Australian exchange and DBS Bank, Singapore's largest bank, allowing accredited clients to buy and sell digital assets in September.
