Paxos International has announced that it has received full regulatory approval from the Monetary Authority of Singapore (MAS). This approval comes after Paxos obtained MAS in-principle approval in November 2023 for its Singapore entity, Paxos Digital Singapore, to offer digital payment token services. With this recent approval, Paxos will now be able to issue stablecoins in accordance with the future MAS stablecoin framework. Singapore has now become the third market, joining the United States and the United Arab Emirates, where Paxos can offer its services.
Walter Hessert, Head of Strategy at Paxos, commented on the significance of this approval, stating that stablecoins issued in line with the standards set by regulators like MAS are a major step towards providing access to commerce and financial services to a wider audience. He also mentioned that receiving MAS approval is an important milestone for Paxos and its global partners, as it allows them to offer secure access to US dollars to more users worldwide.
In addition to the regulatory approval, Paxos has chosen DBS Bank as its main banking partner for cash management and the custody of stablecoin reserves. Evy Theunis, Head of Digital Assets, Institutional Banking Group at DBS Bank, emphasized the strategic alliance with Paxos and their shared goal of expanding their business in the digital asset ecosystem.
It’s important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are solely for informational purposes and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.