- Paxos has received approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payments Institution, enabling it to issue stablecoins in Singapore.
- Paxos has selected DBS Bank, Southeast Asia’s largest bank, as its primary banking partner for managing cash and stablecoin reserves.
Regulated blockchain & tokenization infrastructure platform, Paxos recently announced that its Singapore entity, Paxos Digital Singapore Pte. Ltd., has received full approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payments Institution.
This allows Paxos to issue stablecoins following the MAS’ forthcoming stablecoin regulations. Also, with this approval, Singapore joins the US and the United Arab Emirates as the third market where Paxos and its affiliates are allowed to issue stablecoins.
“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,” said Walter Hessert, Head of Strategy at Paxos
“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,” he added.
At present, 19 companies that provide cryptocurrency or digital payment token services, such as Paxos, Blockchain.com, Circle, and Coinbase, hold the MPI license from Singapore. To get this license, firms must maintain a base capital of $250,000 Singapore dollars and have either a permanent business location or a registered office in Singapore, along with meeting other requirements listed on the central bank's website.
Furthermore, Paxos has also announced that it has chosen DBS Bank, the largest bank in Southeast Asia, as its main banking partner for managing cash and holding stablecoin reserves.
Edited by Harshajit Sarmah
