Circle Internet Singapore, a stablecoin issuer and affiliate of Circle, has become the latest recipient of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This makes Circle the second crypto company to receive such a license in Singapore, following Crypto.com. The MPI license allows Circle to offer digital payment token services and domestic and cross-border money transfer services. Circle has identified Singapore as its primary hub in Asia and sees it as integral to its global expansion. The granting of MPI licenses to crypto firms reflects Singapore's commitment to embracing digital assets and fostering innovation in the financial sector. It also highlights Singapore's appeal as a strategic base for cryptocurrency companies. The move further strengthens the legitimacy of stablecoins and digital payment tokens, promoting broader acceptance of cryptocurrencies in the mainstream financial system.

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