Circle Is The Latest Recipient Of The Major Payment Institution License

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Circle Internet Singapore, the Singapore affiliate branch of the company, has recently received an MPI or a Major Payment Institution license from the Monetary Authority of Singapore. The company also received the in-principle MPI approval from the MAS in November, thereby opening up the office in the city-state in May. An MPI license allows the company to create and offer digital payment token services, as well as domestic and cross-border money transfer services, as mentioned by a statement released by the firm. For those wondering, this company is also the issuer of the USD coin and Euro Coin stablecoins. 

Circle’s Singapore Branch Has Received A MPI Recently

The Group has also identified Singapore as the principal hub in Asia, according to a statement issued. Jeremy Allaire, the co-founder and CEO of the company stated that they follow Crypto.com, which received its MPI license on the 1st of June after it received approval in principle in June 2022. Other such MPI holders include Digital Treasures Center, DBS Vickers, Independent Reserve, Paxos, Metacomp, Sparrow Tech, Revolut, and Hako. Interestingly, Gemini has also expressed major interest in expanding to this city-state. 

Circle’s USDC is the second largest stablecoin in the world, after Tether, but USDC has already seen its share in the market fall from 34.88% to 23.05% in the last year as of May in favor of its largest competitor. Around six percent of the crypto funds throughout the world are based in Singapore, according to a study that was found in 2022. It tied with Hong Kong and Switzerland for third place, just behind the United States and the United Kingdom.