Bitcoin
$41,786.24+5.49%
Ethereum
$2,228.30+2.64%
Binance Coin
$228.21+2.79%
XRP
$0.62194888-0.01%
Solana
$61.43-2.42%
Cardano
$0.40152876+2.60%
Dogecoin
$0.08963854+5.47%
Tron
$0.10321875-6.62%
Chainlink
$15.63-1.45%
Avalanche
$21.75+0.58%
Polygon
$0.79999328-1.56%
Polkadot
$5.52+1.78%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Policy

Stablecoin Issuer Circle Receives Digital Token License in Singapore

The issuer of USDC received in-principle approval in November last year.

By Lavender Au
AccessTimeIconJun 7, 2023 at 7:16 a.m. UTC
Updated Jun 7, 2023 at 7:33 p.m. UTC
VolumeMuteUnmute
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Circle Singapore has now received its Major Payment Institution (MPI) license for digital payment token services in Singapore, after having obtained in-principle approval last November.

The license issued by the Monetary Authority of Singapore (MAS) allows Circle Singapore to offer digital payment token services, cross-border money transfer services and domestic money transfer services in the city-state, the firm announced on Wednesday.

Circle Singapore is an affiliate of Circle Internet Financial, which is the issuer of USDC, the second-largest stablecoin by market cap.

The MAS proposed stablecoin rules last year which set capital and reserve requirements for issuers. They also seek to ban users from activities like lending and staking, which lets users lock crypto to earn interest.

Read more: Singapore's Temasek to Exercise Caution in Crypto Space After FTX Nightmare

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Lavender Au
Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

Follow @lavender_au on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.