Paxos Digital Singapore Pte. LTD. has obtained approval from the Central Bank of Singapore to offer digital payment token services. This means that Paxos can now issue stablecoins that meet Singapore’s regulatory standards.
The approval, granted by the Monetary Authority of Singapore (MAS), signifies Paxos’ credibility and commitment to regulatory compliance. It also makes Paxos one of the 19 organizations authorized under Singapore’s strict financial regulations.
By being able to issue stablecoins in Singapore, Paxos will broaden the availability of US dollars to a wider audience. This approval reflects the increasing adoption of cryptocurrencies and showcases Paxos’ growth as a company. They are already authorized to issue stablecoins in the United States and the United Arab Emirates.
Additionally, Paxos has partnered with Singapore’s DBS Bank to expand its services in the cryptocurrency sector. DBS Bank has been at the forefront of integrating digital currencies into traditional banking systems since launching a fiat-to-cryptocurrency exchange in 2020.