Circle Obtains a Licence as a Major Payment Institution in Singapore

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Last Updated on June 7, 2023 by Bitfinsider

Circle has obtained a Major Payment Institution licence from the Monetary Authority of Singapore, allowing Circle Internet Singapore to offer digital payment token services and cross-border and domestic money transfer services in the city.

Circle stated in a press release that “this milestone represents a significant step forward for the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the greater Asia region.”

In February, Circle collaborated with Tribe, the country’s first government-supported blockchain ecosystem developer, to establish an office in Singapore. The country’s monetary authority granted Circle Singapore In-Principle Approval as a Major Payment Institution Licence holder late last year.

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