. Paxos, a top-regulated blockchain and tokenization infrastructure platform, has gained complete approval from the Monetary Authority of Singapore (MAS) for its Singapore branch, Paxos Digital Singapore Pte. Ltd.
Paxos Extends Its Crypto Offerings To The Singapore Market
With this license, the firm will provide digital payment token services as a Major Payments Institution (MPI). This approval allows the firm to issue stablecoins under MAS’ forthcoming stablecoin guidelines.
This complete approval indicates that Singapore’s crypto market is thriving with over 19 firms, including Blockchain.com, Circle, and Coinbase now holding the MPI license for crypto and digital payment services.
The firm, in its statement, also revealed a partnership with DBS Bank, the largest bank in Southeast Asia, to manage cash and secure stablecoin reserves. This collaboration enhances DBS’ extensive engagement in the digital asset space, where it has been leading and innovating for many years.
Furthermore, Walter Hessert, Head of Strategy at Paxos, highlighted the significance of MAS approval. He stated that it is a crucial milestone for the firm and its partners. This will help in expanding access to US dollars worldwide.
Before now, the firm has been licensed to offer stablecoins in the United States, United Arab Emirates, and now Singapore. This secured approval from MAS demonstrates the firm’s dedication to operating within regulated boundaries.
Stablecoin’s Widespread Adoption
Stablecoins are becoming increasingly popular in the digital asset world. This is due to their stability tied to traditional currencies like the US dollar. Its widespread adoption is driven by the desire for a more stable alternative to volatile crypto assets. This helps in facilitating easier trading and transactions within the crypto space.
Many payment platforms and businesses are integrating stablecoins for their reliability and ease of use, contributing to their growing acceptance and use in various sectors.
In April, it was reported that the United States Senate in charge of the stablecoin bill regulation is hoping to open the cryptocurrency market to banks to create equal opportunities.
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