The advantages of digital token licensing in Singapore
According to the license issued by the national reserve bank, Circle Singapore is now able to offer several crypto-currency-related services in the city-state. The American company can offer residential and global cash transactions in Singapore, as well as solutions involving electronic settlement symbols.
As the 2nd largest stablecoin company in terms of capitalization, Circle is well positioned for the development of blockchain and web3 communities. The Major Payment Institution license obtained from the Monetary Authority of Singapore will enable Circle Singapore to fully leverage the expertise of its affiliates to drive innovation, expand its offerings and deliver greater value to its customers and stakeholders.
Circle’s licensed services
With this MPI license, Circle Singapore is able to offer various services such as :
- Digital asset-based payment services: Singapore residents and institutional customers can access various digital asset-based payment services via their Circle Account.
- Cross-border and domestic money transfer services: Circle can now offer residential and global cash transactions in Singapore.
Circle’s euro stablecoin becomes multi-chain
Circle recently announced the launch of its Euro Coin stablecoin on Avalanche, to offer increased access to euro liquidity. By deploying Euro Coin on the Avalanche blockchain, developers and their users will be able to experience near-instant and more profitable financial transactions, unlocking new possibilities for 24/7 payments, money transfers and foreign exchange.
The benefits of deploying Euro Coin on Avalanche
According to Joao Reginatto, VP of Products at Circle, the launch of Euro Coin on Avalanche offers several advantages:
- Near-instantaneous financial transactions: thanks to Avalanche’s speed and efficiency, users will benefit from faster, more cost-effective transactions.
- Increased accessibility: by making Euro Coin available on an additional platform, Circle broadens its reach and enables more users to access this form of liquidity.
- Innovation: by leveraging Avalanche’s capabilities, Circle can help developers create new applications and services related to stablecoins and decentralized finance.
A milestone in Circle’s international expansion
Obtaining the MPI license in Singapore is a further step towards Circle’s international development. The American company is thus continuing its expansion, particularly in Europe with the launch of its Euro Coin stablecoin on Avalanche, offering greater value to its customers and stakeholders and contributing to the development of the blockchain and web3 communities.
In conclusion, this license obtained from the Singaporean authorities marks a crucial step in the evolution of Circle and its stablecoin USDC. The services offered thanks to this new authorization will both improve access to digital assets for Singapore residents and stimulate innovation in the field of crypto-currencies and decentralized finance.
