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- Circle Singapore inaugurated its office in May after obtaining in-principle MPI approval.
- The announcement states that Singapore will act as Circle’s main hub in Asia.
Circle Internet Singapore, the subsidiary of Circle in Singapore, has been awarded an MPI license by the Monetary Authority of Singapore (MAS). Circle Singapore opened its office in May following the receipt of in-principle MPI approval from MAS in November of the previous year.
Circle, the financial technology firm behind the USDC and Euro Coin (EUROC) stablecoins, has disclosed that it has acquired an MPI license, enabling it to offer digital payment token services as well as domestic and international money transfer services.
The announcement indicates that Singapore will function as Circle’s primary hub in Asia. Jeremy Allaire, co-founder and CEO of Circle, noted, “Singapore is essential to Circle’s global growth.”
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Following the in-principle approval in June 2022, Crypto.com received its MPI license on June 1. Circle is now following a similar path. Other companies that have secured an MPI license include DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech, and Hako. Gemini has also expressed interest in the city-state as a potential site for expansion.
As of May this year, USDC’s market share has decreased from 34.88% to 23.05%, positioning Tether as the largest stablecoin globally.
A report from 2022 indicated that Singapore accounts for 6% of all cryptocurrency assets. In comparison to the United States and the United Kingdom, it shares third place with Switzerland and Hong Kong. The regulatory environment in Singapore is favorable to cryptocurrencies, and the nation also boasts a high level of crypto adoption.
Temasek, Singapore’s state-owned investment firm, has supported the cryptocurrency industry by acquiring stakes in companies such as Animoca Brands and Amber Group, among others. It also invested $275 million in the now-defunct cryptocurrency exchange FTX. In light of the U.S. regulator’s actions against the crypto sector, numerous firms are looking towards international expansion with a crypto-friendly strategy. Hong Kong is also becoming one of the most attractive regions for cryptocurrency.
