Circle Internet Singapore Pte. Ltd., an affiliate of Circle Internet Financial, LLC, has announced that the Monetary Authority of Singapore has granted it a Major Payment Institution license.
This significant regulatory milestone enables Circle Singapore to provide various digital payment token services, cross-border money transfer services, and domestic services within the city-state.
The approval of the license signifies a major stride forward for Circle. It reinforces the growing importance of financial infrastructure and digital currencies denominated in the US dollar within the region. As the issuer of USD Coin (USDC), the world’s second-largest stablecoin, Circle Internet Financial has established itself as a leader in the digital currency space.
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, expressed enthusiasm about the license and its implications for Circle’s expansion in the region. “This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region,” he stated in a press release. The license solidifies Circle’s commitment to facilitating secure and efficient digital payments and transfers in Singapore.
Circle Singapore recently inaugurated its office in the country after obtaining in-principle approval as a major payment institution from local authorities in November 2022. This recognition underscores the company’s dedication to complying with Singapore’s regulatory framework and upholding the highest standards of transparency and security.
In an effort to further strengthen Singapore’s blockchain ecosystem, Circle Singapore partnered with Tribe, the region’s pioneering government-supported blockchain ecosystem builder, earlier this year. This collaboration resulted in the launch of a comprehensive training program designed to cultivate skilled blockchain developers. By nurturing local talent, Circle aims to contribute to the growth and innovation of blockchain technology in Singapore and beyond.
With its Major Payment Institution license, Circle Singapore is now poised to transform the digital payment landscape by offering secure and efficient solutions for businesses and individuals. The license opens up opportunities for Circle to expand its suite of services, enhancing financial inclusivity and fostering economic growth in the city-state.
As Circle continues to pioneer advancements in digital payment technology and promote the adoption of digital currencies, its recent achievement marks a notable milestone in its mission to revolutionize financial infrastructure and empower individuals with greater control over their financial lives.