Circle Internet Singapore Receives MPI License from MAS

Circle Internet Singapore, the affiliate of stablecoin issuer Circle, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). With this license, Circle can now provide digital payment token services and domestic and cross-border money transfer services. Singapore is a vital strategic hub for Circle's expansion plans in Asia, as highlighted by CEO Jeremy Allaire. This announcement follows the recent MPI license obtained by Crypto.com, further emphasizing Singapore's growing importance in the cryptocurrency industry. Singapore has emerged as a significant player in the crypto landscape, hosting approximately 6% of the world's crypto funds. The country's supportive regulatory framework, coupled with a high rate of crypto adoption, has positioned it as an attractive destination for crypto-related businesses.