FameEX Hot Topics | Circle Obtains Significant Payment Institution License in Singapore

Circle Internet Singapore, an affiliate of stablecoin issuer Circle, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Circle to provide digital payment token services and domestic and cross-border money transfer services. By choosing Singapore as its primary hub in Asia, Circle joins other companies like Crypto.com, DBS Vickers, Digital Treasures Center, and Revolut that hold MPI licenses. Singapore has emerged as a significant cryptocurrency hub, with approximately 6% of the world's crypto funds being based there, placing it alongside Switzerland and Hong Kong in terms of crypto fund concentration.

The MPI license acquisition strengthens Circle's presence in Singapore and underscores the country's appeal as a destination for crypto-related businesses. This license enables Circle to expand its offerings, delivering secure and efficient digital payment and money transfer services to its customers. By leveraging Singapore's supportive regulatory framework and flourishing crypto ecosystem, Circle aims to propel its global expansion plans from its strategic base in the city-state.

Stablecoins, such as USD Coin (USDC) issued by Circle, have witnessed substantial growth due to their ability to maintain a stable value pegged to fiat currencies. They offer users a reliable medium of exchange and a store of value within the cryptocurrency space. Although USDC is the second-largest stablecoin, its market share has experienced a decline, with competition from Tether (USDT) holding the largest market share. Nonetheless, Circle remains committed to strengthening its position in the stablecoin market and expanding its offerings to meet the evolving demands of users.

Singapore's reputation as a cryptocurrency hub continues to flourish due to its favorable regulatory environment for cryptocurrencies and widespread adoption within the crypto industry. The country's proactive approach in creating a conducive ecosystem for crypto-related businesses has attracted numerous players in the field. As more companies secure MPI licenses and establish their presence in Singapore, the local crypto ecosystem is anticipated to further thrive, solidifying its position as a key player in the global crypto landscape. With supportive regulations and a high level of crypto adoption, Singapore is well-positioned to drive innovation and contribute to the ongoing development of the cryptocurrency industry.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.