The Monetary Authority of Singapore has granted In-Principle Approval to Circle Internet Financial as the holder of a Major Payments Institution License.

Circle Internet Financial is a global provider of digital financial technologies and the creator of the USD Coin (USDC) and Euro Coin (EUROC) coins (MAS). This enables Circle to provide domestic and international transfer services as well as digital payment token goods in the city state, ushering in a new wave of financial services and business applications.
Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy, said, “This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems, and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets.”

According to Jeremy Allaire, co-founder and CEO of Circle, “Singapore is essential to Circle’s regional and worldwide expansion goals in raising global economic prosperity as one of the world’s major financial hubs.” “We are honoured to have been granted the in-principle licence, and we look forward to working with MAS again to support the vibrant crypto and blockchain ecosystem and the development of financial innovation in Singapore.”

Source: Prnewswire