Circle obtains Major Payment Institution licence in Singapore

The subsidiary of the stablecoin issuer USDC — Circle — has obtained a MPI licence from the Monetary Authority of Singapore.

We are honored and excited to share that Circle Singapore has obtained a Major Payment Institution (MPI) License from @mas_sg! https://t.co/RZSfeBZiqJ

Now, we can offer digital payment token services alongside cross-border and domestic money transfer services in Singapore and…

— Circle (@circle) June 7, 2023

“The approval allows Circle Singapore to offer digital payment token services in the city-state, including cross-border and domestic money transfers, using a range of products and services,” the statement said.

Local institutional clients will be able to access USDC directly through a Circle account.

The company formally opened the Singapore office in May. However, as early as February, Circle Singapore collaborated with the state-backed blockchain accelerator Tribe. The partners jointly held a hackathon with more than 350 Web3-developers.

In November 2022, Circle’s unit received in-principle approval from the regulator to obtain the status of a payment institution. The company designated the jurisdiction as the primary hub for servicing its business in Asia.

“Singapore is an integral part of Circle’s global expansion and mission to improve global economic wellbeing and the free flow of value,” said Circle co-founder and CEO Jeremy Allaire.

Earlier in March 2023, the company applied for licences to operate as a digital asset service provider and as an electronic money institution in France as part of its expansion across the European continent.