Paxos Gains MAS Nod For USD Stablecoin Launch In Singapore
Release: 2023/11/16 16:32 Reading: 474
Paxos, the renowned blockchain and tokenization infrastructure platform, has achieved in-principle approval from the Monetary Authority of Singapore (MAS) for its latest venture, Paxos Digital Singapore Pte. Ltd. Meanwhile, this new entity is set to introduce a USD-backed stablecoin, aligning with MAS’ stablecoin regulatory framework.
The move by Paxos is significant as it demonstrates their dedication to expanding globally and their commitment to following regulatory guidelines. This further solidifies their position as a frontrunner in the blockchain industry.
Paxos To Launch USD Stablecoin In Singapore
According to a recent announcement, Paxos secured an in-principle approval from MAS, marking a significant milestone for the blockchain platform. The approval empowers Paxos Digital Singapore Pte. Ltd. to offer digital payment token services, including the issuance of a MAS-approved USD stablecoin.
In particular, Walter Hessert, the Head of Strategy at the company, emphasizes the worldwide demand for the U.S. dollar and discusses how the approval could enable the availability of regulatory-compliant platforms for users around the globe.
In the meantime, Paxos' strategic decision is in line with the Monetary Authority of Singapore's (MAS) finalized regulatory framework for stablecoins. This framework is designed to oversee stablecoins that are pegged to the Singapore dollar or major currencies such as the USD.
Furthermore, obtaining this approval positions the company as one of the chosen few, highlighting its dedication to adhering to regulations. The recently introduced stablecoin is well-positioned to tackle the difficulties associated with safely acquiring USD for individuals residing outside the United States, thus promoting a more inclusive financial environment.
In the meantime, the company is currently providing a stablecoin called USDP, which is backed by the US dollar, in its home country, the United States. With that in mind, the creation of the Singapore entity has a twofold objective: to ensure compliance with local regulations and to form partnerships with enterprise clients for the issuance of the USD-backed stablecoin in Singapore.
Also Read: South Korea’s National Pension Service Invests in Coinbase and Clocks 40% Gains
A Closer Look Into The Updates
With this approval, Paxos solidifies its position as the most extensively regulated blockchain platform worldwide. The company's commitment to adhering to AML and KYC standards, as well as its dedication to transparency and integrity, establishes it as a trustworthy partner for businesses.
As the company continues to grow its presence in Singapore, the approval from MAS highlights the firm's commitment to leading the way in regulated blockchain solutions. The upcoming introduction of the USD stablecoin in Singapore signifies a new era of financial inclusivity and openness.
In August, PayPal introduced the PYUSD stablecoin, backed by the U.S. dollar and issued by Paxos. Previously, Binance partnered with Paxos for its BUSD stablecoin; however, Paxos ceased BUSD issuance following an order from the New York Department of Financial Services.
On another note, Paxos has established a new Singapore-based entity, marking its second regulated firm in Singapore. The previous entity had obtained a license from MAS in the previous year, allowing the provision of digital payment token services in accordance with the Payment Services Act 2019. It is worth mentioning that Paxos proudly claims to be the first U.S.-based cryptocurrency company to acquire this license.
The license acquisition enabled the inclusion of customers based in Singapore onto Paxos's crypto brokerage platform, enabling them to participate in a range of cryptocurrency activities.
Also Read: Crypto Market Rallies As BTC, Pepe Coin, RNDR Surge
The post Paxos Gains MAS Nod For USD Stablecoin Launch In Singapore appeared first on CoinGape.
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