Mexc.com Regulation Singapore
Last week, Singapore made significant strides in regulating stablecoins and consumer crypto usage. The Monetary Authority of Singapore (MAS) has set stringent criteria that stablecoins must meet before obtaining a license. However, Circle Internet Financial, the issuer of USD Coin (USDC) and Euro Coin (EUROC), has managed to secure an In-Principle Approval as a Major Payments Institution License holder from MAS, marking a milestone for the company and the crypto market as a whole.
According to Circle’s press release, this approval enables Circle to provide domestic and international transfer services, as well as digital payment token goods in Singapore. This development comes as a welcome change for USDC, considering the challenges the crypto market has faced in recent months.
Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy, expressed his excitement about the achievement, stating, “This milestone 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.”
Circle sees Singapore as a crypto hub in Asia and believes that the approval of USDC will pave the way for a new wave of financial services and business applications. Jeremy Allaire, Co-Founder and CEO of Circle, emphasized Singapore’s role in the company’s expansion plans, stating, “As one of the world’s leading financial hubs, Singapore is instrumental to Circle’s regional and global expansion plans in raising global economic prosperity. 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.”
Both Jeremy Allaire and Dante Disparte will be speaking at the Singapore Fintech Festival, where they will discuss the long-term viability and prospects of digital assets in Singapore.
Closing Thoughts
The recent tightening of regulations in Singapore reflects the government’s commitment to consumer protection and the reliability of stablecoins. Singapore believes that stringent regulations are necessary for the sustainability of cryptocurrency and to safeguard the welfare of its users, especially considering the high volatility and speculative nature of the crypto market.
As we move forward, it remains to be seen if more stablecoins, such as USDC, will gain approval from MAS in the coming months. These regulations are likely to have a significant impact on the crypto market, and it is crucial to stay informed and updated. To stay in the loop, follow MEXC’s blog for the latest topics, industry news, and informative articles. We strive to provide quality content, as we believe that an educated audience is a valued customer. So why wait? Start your crypto journey with MEXC today!
