Paxos, a leading player in the cryptocurrency space, Paxos Digital Singapore Pte. Ltd. He founded his company and received in-principle approval from the Monetary Authority of Singapore (MAS) to introduce a new USD-backed stablecoin in the country.
Paxos Receives Approval to Launch New USD-Backed Stablecoin in Singapore
This move is in line with MAS's finalized stablecoin regulatory framework, which applies to single-currency stablecoins pegged to the Singapore dollar or any G10 currency, including the US dollar.
The regulatory framework that Paxos aims to comply with was solidified by MAS in August.
“Paxos, along with StraitsX, is one of only two companies to receive this approval from MAS,” a Paxos spokesperson said. The new stablecoin, which has yet to be named, will have its own unique branding and will be issued exclusively by Paxos Digital Singapore.
While specific details about the stablecoin, such as its name, have not yet been revealed, Paxos has emphasized its commitment to compliance and local regulations.
Paxos Digital Singapore Pte. Ltd. The establishment of the company is a strategic move to ensure compliance with MAS standards and promote partnerships with institutional clients for stablecoin issuance in Singapore.
Paxos, known for its USD-backed stablecoin USDP issued in the United States, is expanding its footprint to Singapore.
*This is not investment advice.
