Circle secured regulatory approval from the Monetary Authority of Singapore (MAS) to provide crypto supported payment services.
Circle Internet Financial Ltd is a US-based company, which is known for its USDC stablecoin. The USDC is the second biggest stablecoin in the crypto sector, just after USDT (Tether). At present, the current 24 hours global trade volume of USDC stablecoin is approximately $43.2 Billion.
On 2 November, Forkast reported that the Monetary Authority of Singapore (MAS) granted regulatory approval for the Circle company.
Under the new regulatory approval, Circle can provide global & local payment services in Singapore.
Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy, said that the latest regulatory approval for the company will allow it to bring innovative use of crypto-supported payment systems, which will further drive economic growth in the digital world economy.
“This enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems, and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets,” Dante said.
It is interesting to note that the MAS agency showed a significant inclination toward the crypto sector since 2021 and granted regulatory approvals to many crypto companies. All the efforts of the MAS agency showed that Singapore is ready to become a global hub of digital innovations but under a precise & tight regulatory policy.
In the last month, USDC faced a 5% downfall in market dominance because of the new decision of the Binance exchange. In the recent month, Binance swapped all the major stablecoins on its platform into Binance stablecoin coin (BUSD). The decision of the Binance exchange increased the dominance of BUSD stablecoin by 5%.