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This means the company can now provide cross-border and domestic payment services and also offer token products within the region.
The Monetary Authority of Singapore (MAS) has granted an in-principle license to stablecoin issuer Circle according to a recent report. This means the company can now provide cross-border and domestic payment services and also offer token products within the region.
Dante Disparte, the chief strategy officer and head of public policy of Circle, believes that this move speaks volumes about the potential of digital assets and open payment systems.
“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,” said Circle CEO Jeremy Allaire.
Similarly, Paxos, the leading regulated blockchain infrastructure platform, announced that it has received a license from the MAS to provide digital payment token services under the Payment Services Act 2019. According to Rich Teo, Co-Founder and CEO of Paxos Asia, the company would accelerate consumer adoption of digital assets worldwide in collaboration with prominent firms.
“We’re honored to be one of the first US-based blockchain platforms to secure this important license from MAS. 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,” he said.
Recently, MAS in two consultation papers disclosed the proposal to regulate digital payment token service providers, stablecoin issuers, and the country’s Payment Services Act (PSA) which was passed by Parliament in 2019. In late 2021, MAS rejected over 100 out of 170 license applications.
Also, 103 companies related to the digital payment industry in Singapore had their regulatory exemptions removed. This was confirmed by Sanjay Jain, CEO at Dubai-based crypto exchange Bitxmi who claimed that its Singapore branch failed to secure a license from MAS. The list of entities that were no longer exempt pursuant to the Payment Services Regulations included “BitGo Singapore, Revolut Technology Singapore, South Korean blockchain firm Klaytn, etc.”
Singapore was previously known as one of the most crypto-friendly nations until it started taking stringent measures against trading platforms. However, it is a bit lenient now with the country’s largest bank DBS announcing the expansion of its crypto trading services to accredited investors.