Circle Singapore, a subsidiary of Circle Internet Financial, has reached a major milestone by acquiring the Major Payment Institution (MPI) license for its digital payment token services in Singapore.
Stablecoin Issuer Circle Acquires Digital Token License in Singapore
This license, issued by the Monetary Authority of Singapore (MAS), enables Circle Singapore to offer a variety of financial services in the city-state, including digital payment token services, cross-border money transfers and domestic money transfers.
The MPI license allows Circle Singapore to expand its operations and strengthen its position in the Singapore market.
Thanks to the license, the company will be able to offer its services to individuals and businesses and facilitate secure and efficient transactions involving digital payment tokens.
Circle Singapore's focus on digital payment token services is in line with its tie-up with Circle Internet Financial, which is currently issuing USDC, the second largest stablecoin by market capitalization.
By acquiring the MPI license, Circle Singapore demonstrates its compliance with regulatory requirements and its commitment to operate within a regulated framework.
This provides reassurance to users and increases confidence in their services. The licensing process includes rigorous evaluation of the company's operations, risk management procedures and compliance measures to ensure the security and integrity of financial transactions conducted through their platform.
With the license in hand, Circle Singapore can now offer a comprehensive range of services including the issuance, storage and transfer of digital payment tokens.
The license not only enables Circle Singapore to cater to the local market, but also positions the company to explore cross-border opportunities and expand its international reach.
*Not investment advice.
