[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"4f7fb1c1-c401-4220-944b-aa62c4e2cbdb","updated_at":"2023-06-08T02:42:55.258931+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"In the current month, the stablecoin issuing entity has been awarded the MPI license in Singapore, making it the second cryptocurrency firm to receive it, preceded by Crypto.com.","sapo":"This month, the issuer of stablecoin becomes the second cryptocurrency company to be granted Singapore's MPI license, with Crypto.com being the first.","title":"Circle Obtained The Major Payment Institution License in Singapore","content":"

Circle's affiliate in Singapore, known as Circle Internet Singapore, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). In November, Circle Singapore obtained a provisional MPI approval from MAS and subsequently inaugurated its office in the city-state in May.

Circle, which issues the USD Coin (USDC - $1.00) and Euro Coin (EUROC) stablecoins, has been granted an MPI license, as per an announcement from the fintech company. This license enables Circle to provide services related to digital payment tokens as well as facilitate both domestic and international money transfers.

According to the statement, Circle has singled out Singapore as its main center of operations in Asia. Circle's co-founder and CEO, Jeremy Allaire, stated:

"Singapore plays a crucial role in Circle's worldwide growth."

Circle comes after Crypto.com in obtaining the MPI license, as Crypto.com was granted the license on June 1, following its provisional approval in June 2022. Other entities that hold MPI licenses encompass DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech, and Hako. Additionally, Gemini has indicated its intention to extend its operations to the city-state.

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USDC ranks as the second biggest stablecoin globally, trailing behind Tether (USDT - $1.00). However, as of May, USDC's market share has declined from 34.88% to 23.05% over the past year, losing ground to its main competitor.

A 2022 study revealed that Singapore is home to six percent of the global crypto funds, putting it in a tie with Switzerland and Hong Kong for the third position globally, with only the United States and the United Kingdom ahead. Singapore fosters a favorable climate for cryptocurrency through its regulatory framework and boasts a significant level of crypto adoption.

Temasek, which is an investment fund owned by the government, is also an advocate for the crypto sector, having stakes in companies like Animoca Brands and Amber Group. Additionally, it was a significant supporter of the now-bankrupt crypto exchange FTX, in which it invested $275 million.

","tags":[{"tag":{"tag":"Circle","id_tag":"circle"}},{"tag":{"tag":"Singapore","id_tag":"singapore"}},{"tag":{"tag":"Payment","id_tag":"payment"}},{"tag":{"tag":"Stablecoin","id_tag":"stablecoin"}}],"image":{"fileName":"Thêm tiêu đề (27).png"}}]

Circle Obtained The Major Payment Institution License in Singapore

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