Circle Internet Singapore Pte. Ltd., an affiliate of Circle Internet Financial, LLC, has acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The license permits Circle Singapore to offer digital payment token services and to carry out both cross-border and domestic money transfers. One of the services it provides is the Circle Account, which facilitates institutional customers’ access to USDC, a digital dollar issued by Circle.
The attainment of the MPI license amplifies Circle’s role in the digital financial technology sector, showcasing it as a regulated entity. The achievement also marks a significant development for digital dollar currencies in Singapore and the wider Asia region.
The license enables Circle Singapore to utilize the expertise of its corporate affiliates, expanding its services and providing more value to clients and stakeholders. The company provides regulated digital currencies like the USDC issued by Circle.
Circle Singapore was officially opened in May 2023. Prior achievements include collaboration with Tribe, Singapore’s first government-backed blockchain ecosystem builder, in February 2023, and receiving In-Principle Approval as an MPI License holder from MAS in November 2022.
