Fintech Firm Circle granted regulatory approval in Singapore of CoinEdition

• Circle Internet Financial has received regulatory approval in Singapore.
• The company can now offer digital payment card products and services in the country.
• Circle issues USDC and EURO Coin.

Global Fintech company Circle Internet Financial, which issues USDC and EURO Coin (EUROC), has finally gained access to the virtual asset market in Singapore. On 2 November, the Monetary Authority of Singapore (MAS) granted Circle In-Principle regulatory approval as a Principal Payment Institution Licensee.

This license enables Circle to offer digital payment token products and cross-border and domestic remittance services throughout Singapore, while driving and supporting an era of modern financial services and commerce applications.

Circle Internet Financial’s Chief Strategy Officer and Global Head of Public Policy, Dante Disparte, stated:

This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems and innovation-enhancing fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets

Circle’s co-founder and CEO, Jeremy Allaire, added that as a leading global financial hub, Singapore is important to the company’s regional and global expansion plans in their aim to encourage global economic prosperity.

Moreover, Allaire expressed gratitude and honor to receive the license in principle and shared that Circle looks forward to further partnerships with the Monetary Authority of Singapore to promote fintech development in the city-state and support the growing cryptocurrency and blockchain industry.

In an earlier press release, Circle previously claimed Singapore as its primary market in Asia while announcing plans to establish a regional hub in the country to start the application process and obtain necessary licenses. “You can’t build an always-on global internet finance business without considering Singapore as a hub,” said Global Policy Head Dante.

Circle states that it will continue to increase its commitment to expansion in Singapore. Jeremy Allaire and Dante Disparte say they will demonstrate the long-term viability and future prospects of digital assets at the Singapore Fintech Festival from November 2 to November 4.

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