Paxos Digital Singapore, a branch of Paxos, has received In-Principle Approval from the Monetary Authority of Singapore (MAS) to launch a US dollar-backed stablecoin in Singapore. This approval allows Paxos to issue stablecoins in the country by partnering with enterprise clients. The expansion into Singapore is driven by the global demand for the US dollar, as it can be challenging for non-US clients to access the currency safely and reliably. The MAS finalized its stablecoin regulatory framework on August 15, targeting non-bank issued tokens tied to the value of the Singapore dollar or G10 currencies. Paxos had previously issued a USD-backed stablecoin called PYUSD in partnership with PayPal. Despite past challenges, Paxos ensures regulatory compliance by backing all its stablecoins with the dollar and cash equivalents, and providing monthly attestations and reserve reports. Paxos Digital Singapore is the second entity of Paxos in Singapore, with the first entity offering digital payment token services under the country’s Payment Services Act 2019.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Walter Hessert |
| Companies | Binance, Monetary Authority of Singapore (MAS), PayPal, New York Department of Financial Services, Paxos |
| Currencies | US Dollar, Singapore Dollar |
| Securities | None |
