Paxos Receives Approval to Issue Stablecoins in Singapore

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As a seasoned crypto investor with a keen interest in regulatory developments, I’m thrilled to see Paxos receive approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution for digital payment tokens. This is a significant milestone not only for Paxos but also for the broader digital asset industry.

As a crypto investor, I’m excited to share that Paxos Digital Singapore, a subsidiary of the reputable blockchain infrastructure firm Paxos, has received the green light from the Monetary Authority of Singapore (MAS) to function as a Major Payment Institution. This means they’ll be able to handle digital payment tokens in larger volumes and with more complex services than before.

With this regulatory approval, Paxos now has the ability to issue stablecoins that adhere to Singapore’s upcoming regulations for stablecoins.

Singaporan authorities have granted permission for Paxos to issue stablecoins, making it the third country alongside the United States and United Arab Emirates where this is allowed.

Obtaining the green light from the Monetary Authority of Singapore (MAS) is an essential milestone for Paxos and our international business partners. This approval will enable us to offer regulated access to US dollar-backed stablecoins to users around the world. (Walter Hessert, Head of Strategy at Paxos)

Furthermore, Paxos has revealed a collaboration with DBS Bank concerning cash management and safekeeping of stablecoin reserves. Notably, DBS Bank, the largest financial institution in Southeast Asia in terms of assets, has long been engaged in the digital asset sector.

“Evy Theunis, Head of Digital Assets at DBS Bank’s Institutional Banking Group, expressed her thoughts on the partnership, stating, ‘This collaboration broadens DBS’ role in the digital asset sector, where we have taken a leading position for some time.'”

This advancement is likely to increase the approval of regulated stablecoins among a larger audience and may influence the creation of global regulations for managing digital currencies.

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2024-07-02 02:28