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Stablecoin Issuer Circle Receives Digital Token License in Singapore

CoindeskCoindesk2023/06/07 19:33
By:Lavender Au

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

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

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

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

The MAS 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.

Edited by Parikshit Mishra.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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