United

Pax Dollar

Gold

<a href="https://paxos.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Paxos International</a>, a blockchain and tokenization platform, has achieved full regulatory approval from the Monetary Authority of Singapore (MAS).
Paxos’ Singapore branch, the issuer of the gold-backed stablecoin Pax Gold (PAXG), now has authorization to provide digital payment token services as a Major Payments Institution.
This regulatory green light allows Paxos to launch a stablecoin in alignment with MAS’ forthcoming regulatory framework.
This approval signifies Paxos’ entry into its third international market, following the United States and the United Arab Emirates, where Paxos-affiliated entities are permitted to issue stablecoins.
This milestone was highlighted in a July 1 announcement.
Walter Hessert, head of strategy at Paxos, emphasized the importance of this approval for their global stablecoin offerings: “Stablecoins issued in accordance with standards set by a regulator like MAS — known for its rigorous regulatory standards — represent a significant step toward democratizing access to commerce and financial services.”
In a related development, DBS, Southeast Asia’s largest bank by assets under management, will serve as Paxos’ primary banking partner.
According to the announcement, DBS will handle cash management and custody of the stablecoin reserves.
READ MORE: <a href="https://www.cryptointelligence.co.uk/dogecoins-surge-in-trading-volume-sparks-bullish-momentum-in-crypto-sphere/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogecoin’s Surge in Trading Volume Sparks Bullish Momentum in Crypto Sphere</a>
Evy Theunis, head of digital assets at DBS Bank, underscored the importance of trust and security in stablecoin adoption: “Stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them.
This partnership further expands DBS’ wide-ranging involvement across the digital asset ecosystem.”
This regulatory approval in Singapore marks another significant step in Paxos’ global expansion efforts. Earlier, in June, Paxos announced the launch of an interest-bearing stablecoin called the Lift Dollar (USDL).
This stablecoin, regulated by the Abu Dhabi Global Market (ADGM), will pay overnight yield on the interest earned from the reserves backing it.
Based in New York, Paxos also mints PayPal USD, Pax Dollar (USDP), and Pax Gold (PAXG) under the supervision of the New York Department of Financial Services (NYDFS).
This recent regulatory success in Singapore demonstrates Paxos’ commitment to expanding its regulated stablecoin offerings worldwide, further establishing its presence in key financial markets.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Paxos Gains Full Regulatory Approval from MAS to Launch Stablecoins in Singapore

Crypto Intelligence

Other articles published on Jul 3, 2024

Base Dawgz Launches Staking As ICO Surpasses $2.3 Million For New Multichain Meme Coin

Bitcoin Price Analysis: What CVD Data Reveal About the Market

Dogeverse Reveals First CEX Listing On MEXC, Price Surge Anticipated

Worldcoin Develops Global Identity Network

Oil King Pepe Hits $7.5 Million, Prepares to Skyrocket Another 18,000% Ahead of KuCoin Listing, a...

LayerZero (ZRO) price prediction for 2024

Join our free newsletter for daily crypto updates!