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Hey folks.
The blockchain technology company Paxos has received complete approval from Singapore, enabling the New York-based company to provide digital payment token services through Paxos Digital Singapore Pte. Ltd. With this Monetary Authority of Singapore (MAS) clearance, Paxos will be authorized to create stablecoins in accordance with the soon-to-be stablecoin regulations.
Paxos with this latest milestone, has expanded the number of markets where it is permitted to issue stablecoins including the United States and the United Arab Emirates. DBS Bank, the largest bank by assets is being chosen by Paxos as its main banking partner for the management of cash and the custody of stablecoin reserves.
The head of the strategy at Paxos, Walter Hessert, speaking about the approval, mentioned:
Stablecoins issued in accordance with standards set by a regulator like MAS - known for its rigorous regulatory standards - represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.
Stay tuned for more updates as this story develops.
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