• Circle has just received a crypto license in Singapore from the Monetary Authority of Singapore (MAS).
• This allows Circle to offer digital payment token services as well as cross-border and domestic money transfer services.
• The decision comes after the U.S. Securities and Exchange Commission (SEC) sued both Binance and Coinbase for selling unregistered securities, among other accusations, creating an increasingly hostile regulatory environment for crypto companies in the U.S.
Circle Receives Crypto License in Singapore
Circle has been granted a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), allowing them to offer digital payment token services alongside cross-border and domestic money transfer services in Singapore and other countries. This comes shortly after the U.S. Securities and Exchange Commission (SEC) sued both Binance and Coinbase, further complicating the already unfriendly regulatory environment towards cryptocurrency companies in the United States.
Circle’s Commitment to Financial Technology Innovations
Jeremy Allaire, co-founder and CEO of Circle, expressed his enthusiasm for their new license, recognizing its importance for Circle’s global expansion: “We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore’s dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent.“
Crypto Companies Seeking New Locations
The recent legal troubles facing crypto companies have caused many firms to look elsewhere for more welcoming regulations as they become increasingly unwelcome in their home countries. Companies like Binance or Coinbase have been actively seeking out new locations where they can operate without fear of prosecution or punishment by authorities – something that Circle appears to be doing with their move into Singapore.
Rising Hostility Towards Crypto Industry
The SEC has taken an increasingly hostile stance towards cryptocurrency companies over recent years with increasing fines levied against them for violations related to unregistered securities trading or anti-money laundering practices amongst others – leading many firms into uncertain waters when it comes to operating within US borders legally. The SEC’s actions this week have only made this worse with two major exchanges now facing criminal charges relating to alleged misdeeds over several years prior; it is likely that more firms will soon follow suit until some form of action is taken by lawmakers on Capitol Hill.
Conclusion
With regulations becoming ever stricter around cryptocurrencies worldwide, more companies are turning away from traditional jurisdictions such as the United States where they may face heavy penalties or even criminal charges under existing laws; instead focusing on areas such as Asia which are often far more relaxed when it comes to these kinds of activities – something Circle appears to have done through their recent acquisition of an MPI License from MAS in order to operate within Singapore legally without fear of prosecution or penalty should any law be broken during operations there either willfully or accidentally due lack knowledge/compliance regarding local regulations surrounding cryptocurrencies usage/trading etc…