coinedition.com
Global Fintech company, Circle Internet Financial, which issues USDC and EURO Coin (EUROC), has finally gained access to the virtual assets market in Singapore. On November 2, the Monetary Authority of Singapore (MAS) granted Circle In-Principle regulatory approval as a Major Payments Institution License holder.
This license enables Circle to provide digital payment token products and cross-border and domestic transfer services throughout Singapore while powering and supporting an era of modern financial services and commerce applications.
Circle Internet Financial’s Chief Strategy Officer and Global Head of Public Policy, Dante Disparte, stated:
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
Circle’s Co-Founder and CEO, Jeremy Allaire, added that as a leading global financial hub, Singapore is significant to the company’s regional and global expansion plans in their goal to encourage global economic prosperity.
Moreover, Allaire expressed gratitude and honor in receiving the in-principle license and shared that Circle is looking forward to additional partnerships with Singapore’s Monetary Authority to advance fintech development in the city-state and support the growing cryptocurrency and blockchain industry.
In an earlier press release, Circle previously claimed Singapore as its primary market in Asia while announcing plans to establish a regional hub in the nation to begin the application process and obtain necessary licenses. “You cannot build an always-on, global internet finance business without considering Singapore as a hub,” said Global Policy Head Dante.
Circle states that it will continue to grow its commitment to expansion in Singapore. Jeremy Allaire and Dante Disparte say they will demonstrate the long-term viability and the future outlook of digital assets at the Singapore Fintech Festival from November 2 to November 4.