The USDC stablecoin, which has a market valuation of more than US$43 billion, is issued by Circle Internet Financial Ltd. in the United States. The company recently announced that it has gotten in-principle authorisation to provide digital payment token products and other services in Singapore.
The Monetary Authority of Singapore (MAS), the city state’s central bank, has approved a Major Payments Institution License. Additionally, it will enable Circle to offer both domestic and international money transfer services in Singapore.
“This 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,” said Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy.
In an effort to establish itself as a “responsible” hub for cryptocurrencies and other digital assets in Asia, MAS has recently sped up permits for crypto service providers while tightening rules. The USDP stablecoin’s creator, Paxos, also declared today that it has been granted a license to conduct business in Singapore.
The actions coincide with Hong Kong’s announcement this week of a number of regulations to entice investment in digital assets, Singapore’s main rival in Asia for financial services.
The largest cryptocurrency exchange in the United States, Coinbase, and another exchange, Blockchain.com, each received in-principle approvals from Singapore in October alone. Following the central bank’s warnings that cryptocurrency trading is too risky for amateur investors, both stated that they would concentrate on institutional and corporate clients in Singapore.
Circle previously referred to Singapore as its main center in Asia
Jeremy Allaire, Co-Founder and CEO of Circle, said:
“We look forward to more cooperation with MAS to promote the burgeoning crypto and blockchain ecosystem as well as the progress of financial innovation in Singapore.”
According to its website, Circle is a worldwide financial technology company that enables companies to leverage public blockchains and digital currencies for payments, commerce, and financial applications. Members of the boards of Ernst & Young, UBS, and Goldman Sachs all work in traditional finance.
Circle is also the issuer of the EUROC stablecoin, which is backed by the Euro, in addition to the USDC stablecoin.
Disparte and Allaire will speak on November 2-4 at the Singapore Fintech Festival (SFF) about the feasibility and future of digital assets.
The Monetary Authority of Singapore and the Association of Banks in Singapore are working together to put on the seventh edition of SFF, which will be the first live event since 2019 in Singapore.
Its concomitant Hong Kong Fintech Week serves as more evidence of the battle between the two financial hubs for supremacy in Asia’s blockchain, cryptocurrency, and other digital asset investment and technology markets.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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