Paxos has received approval from the Central Bank of Singapore to provide certain services, which will ultimately allow the company to issue stablecoins that are compliant with the country’s stablecoin framework.
Paxos Digital Singapore Pte. LTD., the Singapore-based entity of Paxos, has been granted the right to offer “digital payment token services” as a primary payment institution, the stablecoin issuer said in a statement on Monday.
“Stablecoins issued under the standards set by regulators like the Monetary Authority of Singapore (MAS) are renowned for their rigorous regulatory standards and are a critical step toward democratizing access to commerce and financial services,” said Walter Hessert, Head of Strategy at Paxos. “Receiving MAS approval is a critical step for Paxos and our global enterprise partners to safely provide access to the US dollar to more users around the world.”
Paxos has the authority to issue stablecoins in the United States, the United Arab Emirates, and now Singapore, the company said. So far, 19 companies participating in cryptocurrency services or digital payment token services MPI License To obtain an MPI license in Singapore, including Paxos, Blockchain.com, Circle and Coinbase, the company must have a capital of S$250,000 and “Other criteria set by the central bank require that a company have a “permanent place of business or registered office” in Singapore. Website.
Paxos also announced on Monday that it has partnered with Singapore-based DBS Bank for cash management and stablecoin reserve custody.
“This partnership will further expand DBS’s broad engagement across the digital assets ecosystem, as we have been pioneers and innovators in this space for many years,” said Evi Theunis, head of digital assets for DBS Bank’s institutional banking group.
DBS has been active in the cryptocurrency industry for many years. Bank Released Fiat-Crypto Exchanges After 2020 Cooperate Create metaverse experiences using a decentralized gaming virtual world sandbox.
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