Home Blockchain USDC issuer Circle receives a digital token licence in Singapore

USDC issuer Circle receives a digital token licence in Singapore

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  • Circle has been granted a Major Payments Provider (MPI) License for Digital Payment Token Services in Singapore.

  • The company received its first approval in principle in November 2022.

Circle Receives Digital Token License in Singapore

Circle, which issues USDC stablecoins, announced On Wednesday, June 7, the company announced that it has obtained a Major Payments Provider (MPI) license for digital payment token services in Singapore.

this latest cryptocurrency news This is in response to obtaining general approval in November last year.

The company said the license issued by the Monetary Authority of Singapore (MAS) will allow it to offer digital payment token services, cross-border money transfer services and domestic money transfer services in Singapore.

Commenting on this latest development, Circle CEO Jeremy Allaire said:

“Singapore is integral to Circle’s global expansion and mission to enhance global economic prosperity through frictionless value exchange. , remains committed to being part of Singapore’s dynamic economy by advancing the future of financial technology innovation in the city-state, elevating the emerging technology and fintech sector, and creating businesses and careers. It creates an opportunity for talent in the technology and financial industries.”

Circle Singapore is an affiliate of Circle Internet Financial, the company that issues the USDC stablecoin.

Circle lags behind Tether’s USDT

Circle has seen its USDC stablecoin take a hit this year due to the US banking crisis. USDC, the second-largest stablecoin by market cap, has lagged behind Tether’s USDT in recent months.

As of today, Tether’s USDT stablecoin has a market cap of $80.2 billion, more than double the USDC ($32.75 billion).

Singapore’s MAS last year proposed stablecoin regulations that would introduce capital and reserve requirements for issuers. The regulator also wants users to be banned from some crypto-related activities such as staking and lending.

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