Key Takeaways:
- Paxos received full regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services.
- Paxos will launch a stablecoin in Singapore, partnering with DBS for cash management and custody of reserves.
- This approval is a part of Paxos’s broader global expansion strategy, including their recent launch of the Lift Dollar in the UAE.
Paxos International, a blockchain and tokenization platform, has received full regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services.
This approval allows Paxos to launch a stablecoin under MAS’s regulatory framework, making Singapore the third international market where Paxos is authorized to issue stablecoins, following the United States and the United Arab Emirates.
Singapore's largest bank DBS will for the first time custody stablecoin reserves and offer related cash management services, deepening its push into digital assets https://t.co/wBZ1RbUXNv
— Bloomberg Technology (@technology) July 2, 2024
Walter Hessert, Paxos’s head of strategy, highlighted the significance of MAS’s approval for expanding their regulated stablecoin offerings globally.
Paxos has chosen DBS, Southeast Asia’s largest bank, as its primary banking partner.
DBS will handle cash management and custody of stablecoin reserves, with Evy Theunis of DBS emphasizing the importance of trust and security for stablecoin adoption.
Breaking: Next domino falls from the June 30th MiCA windfall in Stable Coin regulation as @Paxos secures approval to issue in Singapore.
— MartyParty (@martypartymusic) July 1, 2024
This waterfall of regulations will inject trillions into the crypto rails. https://t.co/gaX3fnfYUk@Paxos #Paxos $USDC #eurc
This regulatory milestone is part of Paxos’s global expansion strategy.
Recently, Paxos announced the Lift Dollar (USDL), an interest-bearing stablecoin regulated in the Abu Dhabi Global Market (ADGM).
Paxos receives full approval from Singapore's central bank to issue stablecoins, partners with DBS Bank https://t.co/3tu3OecJCD
— The Block (@TheBlock__) July 1, 2024
Paxos also mints PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG) under New York Department of Financial Services (NYDFS) regulation.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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