Miguel Cordon · · 1 min readCircle secures MAS green light for digital payment token services
Circle Internet Financial, the issuer of stablecoins USD Coin and Euro Coin, has secured in-principle approval for a major payments institution license from the Monetary Authority of Singapore (MAS).
Jeremy Allaire, co-founder, chair, and CEO at Circle / Photo credit: Circle
The license lets Circle provide digital payment token services and cross-border and domestic transfer features in Singapore.
The development follows Circle’s announcement late last year saying that it would make Singapore its regional hub. The company has begun scouting for partnerships in the city-state that revolve around stablecoin innovations in the local market.
Another crypto firm that recently got a nod from MAS is Coinbase Singapore, which secured approval to provide digital payment token services under the Payment Services Act.
US-based Coinbase has since grown its workforce in the Southeast Asian country, especially its R&D team.
See also: Behind the crypto project backed by Temasek, JP Morgan, DBS
Additionally, MAS unveiled a road map in September this year that highlights its vision for the country’s financial services sector.
The Financial Services Industry Transformation Map 2025 aims to position Singapore as an international financial center in the region, aiming to bolster the country’s foreign exchange, wealth management, and fintech sectors.
Editing by Jaclyn Tiu
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