- Circle received a key crypto license in Singapore.
- The company can offer digital payment token services in the country, among other things.
- Binance and Coinbase got sued by the SEC earlier this week.
The regulatory environment towards the crypto industry in the U.S. is getting more hostile by the day. The U.S. Securities and Exchange Commission (SEC) sued both Binance and Coinbase in one week.
At the same time that the SEC is suing crypto companies in the U.S., the majority of them are looking to find new homes in other jurisdictions. For example, Circle, the issuer of USDC, has just received a crypto license in Singapore.
Circle Obtains Crypto License in Singapore
The U.S. SEC and other regulators are actively trying to punish and push crypto companies out of the country.
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Just this week, the SEC sued Binance and Coinbase, two of the largest crypto exchanges in the world, for selling unregistered securities, among other accusations. This has led to companies looking to other countries for a friendlier regulatory environment.
This is precisely what Binance and Coinbase have been doing lately, as well as other crypto firms. One of them is Circle, the issuer of USDC.
Circle announced on Thursday that it had received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license will allow Circle to offer digital payment token services cross-border and domestic money transfer services.
Jeremy Allaire, co-founder and CEO of Circle, said Singapore is “integral to Circle’s global expansion and mission in raising global economic prosperity.”
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“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.”
Circle already has a presence in Singapore. The company opened its office in the country in May of this year.
On the Flipside
- There’s no information about any active investigations into Circle in the U.S.
Why This Matters
If Circle is pushed out of the U.S., that’d be potentially harmful to U.S. citizens who use USDC daily.
Read more about Circle deploying USDC on Arbitrum:
Circle to Deploy USDC on Arbitrum: Here’s What This Means
Read more about Coinbase shares dumping after SEC lawsuits:
Coinbase Shares Dump Following SEC Lawsuit Against Rival Binance
