Circle gets approval to offer digital tokens in Singapore

abdelaziz Fathi

Boston-based stablecoin issuer Circle has announced Wednesday that it has received its major payment institution (MPI) license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS).

This license enables Circle Singapore to provide various services in the city-state, including digital payment token services, cross-border money transfer services, and domestic money transfer services.

This announcement follows Circle, the issuer of the second-largest stablecoin by market capitalization, receiving its in-principle approval from MAS in November 2022. With this license in place, the company can continue to extend its digital payment token (DPT) services to customers in Singapore.

Circle is the latest entrant on the growing list of companies approved by MAS to offer digital payment token services. Other notable licensed players include crypto exchanges and Coinhako and fiat-to-crypto payments firm DTC.

According to a notice in the government’s official gazette, the new license comes after a stringent examination and approval process conducted by MAS. Using the specific terms of the Singaporean framework, the firm has now been approved as a Major Payment Institution Licence that allows it to provide Digital Payment Token Services.

“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value. We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore’s dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent,” said Jeremy Allaire, Co-Founder and CEO of Circle.

“This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region. The receipt of the MPI license represents our continued commitment to work with forward-thinking leaders and stakeholders at a global level and contribution to Singapore’s position as a hub for responsible financial services innovation,” added Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy.

Singapore’s regulatory regime for exchanges requires them to provide adequate consumer protections and comply with Anti-Money Laundering measures.

Regulators in Singapore said they may implement consumer protections for crypto investors, which could include suitability tests, curbs on leverage trading and credit facilities. They have also repeatedly warned retail investors against putting their money in the market. Nevertheless, MAS has updated its regulatory framework for crypto-related activities, including digital payments. The country’s Payment Services Act (PSA) covers all crypto businesses and exchanges based in Singapore, bringing all crypto activities under anti-money laundering and counterterrorist-financing rules.

Read this next

Digital Assets

Binance tames up with Japan’s biggest lender to launch stablecoins

Binance Japan is planning to launch stablecoins denominated in the dollar, euro, and yen in Japan in 2024. The crypto exchange aims to introduce these tokens, and possibly more, through its partnership with Mitsubishi UFJ Financial Group’s trust banking arm.

Institutional FX

Spot FX volumes drop +10% at CLS in August 2023

Total daily traded volume submitted to CLS for settlement took a step back in August as the summer typical lull hit market activity. The metrics showed a weak performance in the group’s FX business as the Q3 got off to a calm end while no fresh events were able to whip up a market frenzy.

Digital Assets

Veteran iGaming Team Launch Crypto Casino Portal

CryptoCasinos.Casino launches as a premier destination for crypto gambling aficionados, offering in-depth reviews, comparisons, and resources to navigate the burgeoning world of cryptocurrency-based casinos seamlessly.

Digital Assets

Xsolla Announces Acquisition of AcceleratXR, A Multi-Player Platform For Games

Xsolla enhances its gaming tech suite with the acquisition of AcceleratXR, bolstering cross-platform game development and pioneering advancements in cross-play experiences for players worldwide.

Digital Assets

OKX’s PoR report shows no solvency concerns, assets worth $11.2 billion

Cryptocurrency exchange OKX has released its 11th consecutive proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.

Digital Assets

Horizen Launches Decentralized Governance with Introduction of Horizen DAO

Horizen inaugurates a novel decentralized autonomous organization, inviting broader community participation and heralding a new chapter in blockchain governance.

Digital Assets

Binance France induces users to convert their fiat into crypto

Following the expiration of its partnership with Paysafe, Binance France urged its customers to convert their fiat currency holdings on the platform into cryptocurrencies.

Industry News

Exness Crowned as Best Global Multi-asset Broker at Forex Expo Dubai 2023

Cyprus-based Exness garners top honors at the Forex Expo Dubai, solidifying its esteemed position in the global financial arena.

Retail FX

CySEC cancels license of 101investing parent following €200,000 fine

The Cyprus Securities and Exchange Commission (CySEC) confirmed on Tuesday that it has wholly withdrawn the Cyprus Investment Firm (CIF) License of FX retail brokerage firm FXBFI Broker Financial Invest Ltd, trading as 101investing.