1. BITBILIHome
  2. Article

USDC issuer Circle secures Major Payment Institution (MPI) license in Singapore

• 50 views

TL;DR Breakdown

  • Circle Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for digital payment token services, enabling them to offer various financial services in Singapore.
  • The license solidifies Circle Singapore’s reputation as a responsible and well-regulated player in the digital financial technology sector and allows them to provide institutional customers access to USDC, a digital dollar stablecoin.
  • Circle Singapore’s receipt of the MPI license follows strategic initiatives, including partnerships with Tribe and establishing their office in Singapore, reaffirming their commitment to driving financial technology innovation in the region.

Circle Singapore, an affiliate of Circle Internet Financial, has announced the successful acquisition of its Major Payment Institution (MPI) license for digital payment token services in Singapore. The Monetary Authority of Singapore (MAS) granted the license, allowing Circle Singapore to provide various financial services, including digital payment token services and cross-border and domestic money transfers within the city-state.

Circle Singapore’s MPI license is a significant milestone for the company and positions it as a trusted and well-regulated operator in the digital financial technology sector. The license further strengthens Circle’s reputation as a responsible player in the emerging internet-based global financial system.

With the MPI license, Circle Singapore can now offer its Circle Account, which grants institutional customers access to USDC, the second-largest stablecoin by market capitalization. USDC, issued by Circle, is a digital dollar that operates 24/7 and moves at internet speed, providing users with a secure and efficient means of conducting transactions.

Last year, the MAS proposed stablecoin rules, introducing capital and reserve requirements for stablecoin issuers. However, these rules aim to restrict certain user activities, such as lending and staking, which involve locking cryptocurrency to earn interest. Circle Singapore demonstrates its commitment to maintaining a transparent and compliant financial ecosystem by adhering to these regulations.

Jeremy Allaire, Co-Founder and CEO of Circle, expressed his gratitude for receiving the MPI license from MAS. He emphasized Circle’s dedication to driving global economic prosperity by facilitating frictionless value exchange. Allaire also acknowledged the importance of Singapore in Circle’s expansion plans, stating, “Singapore is integral to Circle’s global expansion and mission.”

Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy highlighted the significance of the MPI license for Circle’s financial infrastructure and the future of dollar digital currencies in the region. He emphasized Circle’s commitment to collaborating with forward-thinking leaders and stakeholders globally and contributing to Singapore’s reputation as a hub for responsible financial services innovation.

Circle Singapore’s strategic collaborations and growing presence in Singapore

Circle Singapore’s receipt of the MPI license follows a series of strategic initiatives and collaborations within the city. In May 2023, Circle Singapore officially inaugurated its office, solidifying its presence in the region. In February 2023, the company partnered with Tribe, a government-supported blockchain ecosystem builder, to launch a training and support program to nurture and upskill Web3 developer talent. Circle Singapore’s recognition as a Major Payment Institution License holder from MAS was granted in November 2022, with the company designating Singapore as its principal hub in Asia to cater to its growing business in the region.

The issuance of the MPI license empowers Circle Singapore to leverage the expertise of its corporate affiliates, fostering innovation and expanding its service offerings. Regulated dollar digital currencies, such as USDC, are fundamental to the growth of responsible digital assets, blockchain technology, and web3 ecosystems, paving the way for the future of financial services.

With Circle Singapore’s MPI license in hand, the company is poised to shape the digital payment token services landscape and advance financial technology innovations within Singapore’s dynamic economy.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:USDC issuer Circle secures Major Payment Institution (MPI) license in Singapore

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月12日 12:45
Next 2023年6月12日 14:02

Related articles

  • Securities Commission halts Huobi exchange operations in Malaysia

    TL;DR Breakdown Huobi’s website and phone apps have been seized by the regulatory body, halting the exchange’s operations in Malaysia. The Securities Commission has prohibited Huobi from advertising its services to Malaysian investors. Malaysian investors are advised to withdraw their assets from the platform and close their accounts. The Securities Commission (SC) in Malaysia has recently cracked down on Huobi exchange, a Seychelles-based cryptocurrency exchange founded in China. As a result, the Malaysian regulatory watchdogs have ordered Huobi exchange to cease its operations in the Asian country immediately. The Securities Commission has taken decisive action by seizing control of the Huobi website and the exchange’s phone apps. This move ensures that the operation of Huobi’s online platforms is effectively halted. According to the Securities Commission, the Huobi exchange platform has been conducting digital asset operations within the country without obtaining registration from the Malaysian authorities. As part of their actions against the Seychelles-based company, the regulatory body has prohibited the publishing or sending advertisements to Malaysian investors. This restriction ensures that the company cannot promote its services or reach out…

    Article 2023年5月23日

  • Dutch economy enters into recession following a 0.3% drop in Q2

    TL;DR Breakdown The Dutch economy has officially slipped into a recession as it recorded consecutive declines in quarterly gross domestic product indicators. The decline can be primarily attributed to diminished exports and reduced household spending. Description The Dutch economy has officially slipped into a recession as it recorded consecutive declines in quarterly gross domestic product indicators. According to data from Statistics Netherlands (CBS), the GDP volume experienced a decrease of 0.4 percent in the initial quarter of this year, followed by a further dip of 0.3 percent in the subsequent quarter. … Read more The Dutch economy has officially slipped into a recession as it recorded consecutive declines in quarterly gross domestic product indicators. According to data from Statistics Netherlands (CBS), the GDP volume experienced a decrease of 0.4 percent in the initial quarter of this year, followed by a further dip of 0.3 percent in the subsequent quarter. Comparatively, the contraction of the Dutch economy by 0.3 percent stands out in contrast to the economic progress witnessed in neighboring nations. CBS pointed out that during the second quarter of…

    Article 2023年8月16日

  • MakerDAO’s Proposal to Increase DAI Savings Rate to 3.33% 

    TL;DR Breakdown MakerDAO plans to raise the DAI savings rate (DSR) from 1% to 3.33% through an upcoming vote, incentivizing users to deposit DAI and earn higher interest. The proposed DSR increase is expected to have broader implications for interest rates in the DeFi market, potentially attracting more capital and solidifying DAI as a safe and high-yield stablecoin. In a move set to impact the decentralized finance (DeFi) ecosystem, MakerDAO, a leading Ethereum-based protocol, is gearing up for a crucial vote on a proposal to raise the savings rate for its stablecoin, DAI, to 3.33%. Currently set at 1%, the DAI savings rate (DSR) plays a vital role in incentivizing users to deposit DAI and earn interest.  If the proposal is approved, the increased DSR is expected to have broader implications for interest rates across the DeFi market, attracting more capital and solidifying DAI as a safe and high-yield stablecoin. Contents hide 1 MakerDAO Proposes DSR Increase to Stimulate DAI Adoption 2 Implications for DeFi Interest Rates and Market Dynamics 3 Previous Rate Hike Success and Future Prospects 4 Conclusion…

    Article 2023年5月30日

  • Binance Coin price analysis: BNB increases value to $307.1

    TL;DR Breakdown Binance Coin price analysis is bullish today. The strongest support is present at $302. The strongest resistance is present at $319.1. Binance Coin price analysis indicates a prevailing bullish trend, suggesting a sustained and potentially increased positive momentum in the market. The current conditions favor the bulls, who are expected to maintain their dominance and potentially exert even greater control over the market in the near future. Additionally, Binance Coin has witnessed a notable surge in value, rising from $301 to $308.1 and maintaining stability around this level. This price development suggests the potential for further upward movement in the foreseeable future. The present value of Binance Coin (BNB) stands at $308.15, accompanied by a 24-hour trading volume of $1.30 billion. Its market capitalization is estimated to be $48.03 billion, and it holds a market dominance of 4.24%. Over the past 24 hours, the BNB price has experienced a modest increase of 0.81%. Currently, market sentiment for Binance Coin’s price prediction is bearish, while the Fear & Greed Index stands at 49, indicating a neutral outlook. The circulating…

    Article 2023年5月29日

  • XRP as security debate: attorney John Deaton sheds new light on classification

    TL;DR Breakdown Attorney John Deaton contributes to discussions on XRP safety and classification. Investors in this scenario could be deemed part of a single company. Deaton’s insights highlight the need for clarity in regulatory frameworks. Description Outspoken attorney and cryptocurrency advocate John Deaton continues to make waves in the discussions surrounding the safety of XRP, a digital currency associated with Ripple Labs.  Deaton recently responded to a tweet from user Caesar Korvinus, who expressed their decision to purchase XRP based on the reputation of Ripple Labs’ Chief Technical Officer, David Schwartz, … Read more Outspoken attorney and cryptocurrency advocate John Deaton continues to make waves in the discussions surrounding the safety of XRP, a digital currency associated with Ripple Labs.  Deaton recently responded to a tweet from user Caesar Korvinus, who expressed their decision to purchase XRP based on the reputation of Ripple Labs’ Chief Technical Officer, David Schwartz, and the presence of other board members with strong technical backgrounds. Deaton, never one to shy away from expressing his views, chimed in and shed light on the potential implications of…

    Article 2023年6月27日
TOP