Last week, Singapore enforced their regulations specifically towards stablecoin and consumer crypto usage. Stablecoins must satisfy a lot of criteria from the Monetary Authority of Singapore (MAS) before they are granted a license. However, that does not stop Circle Internet Financial, the issuer of USD Coin (USDC) and Euro Coin (EUROC).
According to their press release, Circle has received an In-Principle Approval as a Major Payments Institution License holder from MAS. This means that Circle can now provide domestic and international transfer services as well as digital payment token goods in Singapore. This is a good change of pace and news for USDC as the past couple of months were not easy on the crypto market.
Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy of Circle said:
“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”
This fintech company sees Singapore as a crypto hub in Asia and believes that their approval of USDC will usher in a new wave of financial services and business application.
Jeremy Allaire, Co-Founder and CEO of Circle said:
“As one of the world’s leading financial hubs, Singapore is instrumental to Circle’s regional and global expansion plans in raising global economic prosperity. We are honored to receive the in-principle license, and we look forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystem as well as the advancement of fintech innovation in Singapore.”
Jeremy and Dante will also speak on stage at the Singapore Fintech Festival from November 2, 2022 to November 4, 2022. Over there, they will discuss the long-term viability and prospects of digital assets in Singapore.
Singapore has recently tighten their regulations on consumer protection and the reliability of stablecoins. They believe that stringent regulations are the way forward for the sustainability of cryptocurrency. Furthermore, a tight regulation can protect the welfare of their users, as they believe crypto is more of a speculation with high volatility. Will we see more stablecoins such as USDC gaining approval from MAS in the coming months? How will these regulations affect the crypto market? Stay tuned with MEXC on the latest topics, industry news and articles. We strive to provide quality content, and we believe that an educated audience is a valued customer. So what are you waiting for? Start your crypto journey with MEXC today!