Circle Singapore announced on June 6 that it has obtained a Major Payment Institution (MPI) license for digital payment token services in Singapore.
With the Monetary Authority of Singapore (MAS) approval, Circle Singapore is now able to offer digital payment token services, cross-border remittance services and domestic remittance services in Singapore.
Circle Singapore is an affiliate of Circle Internet Financial, the issuer of USD Coin (USDC), the second largest stablecoin by market capitalization.
In 2022, MAS will publish stablecoin regulations that set out capital and reserve requirements for issuers. It also prohibits activities such as lending and staking, which allow users to deposit crypto assets and earn interest.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Stablecoin Issuer Circle Receives Digital Token License in Singapore