Circle has been granted a Major Payment Institution license by the Monetary Authority of Singapore, enabling Circle Internet Singapore to offer digital payment token services and domestic and international money transfers in the country.
The announcement was made in a press release, which highlighted the license’s significance to the future of regulated, transparent, and trusted digital currency in Singapore and wider Asia.
Circle opened its Singapore office last month after linking up with local blockchain project Tribe in February.
Having already been issued an In-Principle Approval for a Major Payment Institution License by the Monetary Authority in late 2020, CEO Jeremy Allaire declared their commitment to Singapore’s economic growth and the advancement of financial technology within the city-state.
Dante Disparte, Chief Strategy Officer and Global Head of Policy at Circle, added that the license signals a “significant step forward for Circle and the future of financial infrastructure and digital currencies in the region.”
He also praised the country’s “forward-thinking” approach to responsible financial services innovation.