Stablecoin issuers Circle and Paxos have received a license in principle from the Monetary Authority of Singapore (MAS), allowing them to operate as a payments company in the country.
According to the press release, Circle has received a major payment institution license from the Central Bank of Singapore and can now offer cross-border and domestic payment services. The company is the company behind the USDC stablecoin and may also offer tokenized products. Circle’s chief strategy officer and head of public policy, Dante Disparte, said in a statement that the license will allow the company to “demonstrate the potential of digital currencies [and] open payment systems.”
CEO Jeremy Allaire said in a statement that the license will support Circle’s global expansion plans.
“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,” he said.
Circle received its in-principle approval the same day fellow stablecoin issuer Paxos received a similar license from MAS.
Paxos Receives Operating License in Singapore with Circle
On the same day, USDP stablecoin issuer, Paxos, also received authorization to offer crypto products and services in Singapore after being licensed under the National Payment Services Act. The New York-based company announced the approval on Wednesday (Singapore time), saying in a press release that the license will allow it to offer “digital asset and blockchain products and serve.” These include tokenization, custody, and exchange services, the press release states.
“From the start, we’ve been committed to innovating within regulatory frameworks,” he said. “We believe blockchain and digital assets will revolutionize finance for everyone around the world, but the development of this technology must have clear oversight and consumer protections. We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”
