The issuer of the second-largest stablecoin in the world has joined a fleet of digital asset sector enterprises relocating to Singapore.
The issuer of the USDC stablecoin, which has a market valuation of more than US$43 billion and is located in the United States, Circle Internet Financial Ltd., has acquired authorization in principle to provide digital payment token products and other services in Singapore.
The permission is for a Major Payments Institution License issued by the central bank of Singapore, the Monetary Authority of Singapore (MAS). It would also enable Circle to provide international and domestic money transfer services in Singapore, according to a statement sent to ForkAST.
Dante Disparte, Circle’s Chief Strategy Officer and Worldwide Head of Public Policy, said in a statement, “This allows us to collaborate with all key stakeholders and illustrate the potential of digital currencies, open payment systems, and innovation-forward fintech policies to generate economic development and boost Singapore’s position as a global center for digital assets.”
In an effort to emerge as a “responsible” centre for cryptocurrencies and other digital assets in Asia, MAS has lately expedited permits for crypto service providers while tightening rules. Paxos, the issuer of the USDP stablecoin announced today that it has been granted a business license in Singapore.
Hong Kong, Singapore’s traditional adversary in Asia for financial services, unveiled this week a series of initiatives to stimulate investment in digital assets.
Singapore gave in-principle permits to Coinbase, the biggest cryptocurrency exchange in the United States, and Blockchain.com, another exchange, in October alone. As a result of the central bank’s pronouncements that crypto trading is too risky for non-professional investors, both firms have said that they would concentrate on institutional and corporate customers in Singapore.
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