- Circle Singapore launched its office in May after receiving in-principle MPI permission.
- According to the announcement, Singapore would serve as Circle’s primary center in Asia.
Circle Internet Singapore, Circle’s subsidiary in Singapore, has been granted an MPI license by the Monetary Authority of Singapore (MAS). Circle Singapore launched its office in May after receiving in-principle MPI permission from MAS in November last year.
Circle, the fintech company behind the USDC and Euro Coin (EUROC) stablecoins, has announced that it has received an MPI license, allowing it to provide digital payment token services and domestic and international money transfer services.
According to the announcement, Singapore would serve as Circle’s primary center in Asia. Jeremy Allaire, co-founder and CEO of Circle, has remarked, “Singapore is integral to Circle’s global expansion.”
Key Expansion Region
After getting permission in principle in June 2022, Crypto.com’s MPI license was granted on June 1. Circle is following in its footsteps. DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech, and Hako are among the other companies that have obtained an MPI license. Gemini has also shown interest in the city-state as a potential expansion location.
As of May of this year, USDC’s market share has dropped from 34.88% to 23.05%, making Tether the biggest stablecoin in the world.
According to a 2022 report, Singapore is home to 6% of all crypto money. When compared to the United States and the United Kingdom, it is tied for third position with Switzerland and Hong Kong. Legislation in Singapore is crypto-friendly, and the country also has a high rate of crypto usage.
Temasek, Singapore’s state-owned investment firm, has backed the cryptocurrency sector by purchasing stakes in Animoca Brands and Amber Group, among others. It also invested $275 million in the now-defunct cryptocurrency exchange FTX. Amid the U.S. regulator’s crackdown on the crypto sector, several firms are eying international expansion with a crypto-friendly approach. Hong Kong is also emerging as one of the most appealing crypto regions.