Circle Grants In-principle Approval from Singapore MAS to Provide Digital Payment Tokens

Circle, the issuer of USDC and Euro Coin, has received in-principle approval as a Major Payments Institution license holder from the Monetary Authority of Singapore (MAS).

The license allows Circle to offer digital payment token products, as well as cross-border and domestic transfer services in Singapore.

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Circle announced plans to establish a regional hub in Singapore and initiate the necessary application processes to obtain local operating licenses.

The company also entered a partnership with Singapore payments company FOMO Pay in March 2022 to allow FOMO Pay's merchant, corporate and clients to convert between USDC and fiat currency.

"This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems and innovation-forward fintech regulations to drive economic growth and strengthen Singapore's position as a global hub for digital assets," said Dante Disparte, Chief Strategy Officer and Global Head of Public Policy, Circle.

"As one of the world's leading financial hubs, Singapore is instrumental to Circle's regional and global expansion plans in raising global economic prosperity.

We are honored to receive the in-principle license, and we look forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystem as well as the advancement of fintech innovation in Singapore," said Jeremy Allaire, Co-Founder and CEO of Circle.