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.The Monetary Authority of Singapore (MAS) has granted stablecoin issuer Circle and the top-governed blockchain infrastructure framework, Paxos, an in-principle license that enables it to conduct payments business in Singapore.
In-Principle Regulatory License to Circle
Circle Internet Financial is a global provider of digital financial technologies and the creator of the USD Coin (USDC) and Euro Coin (EUROC) coins. The in-principle license allows Circle to offer domestic and foreign transactions and digital payment token goods in the country, launching a new generation of financial services and commercial applications. https://twitter.com/circle/status/1587640746672373760 Circle's chief operating officer and director of public policy, Dante Disparte, stated in a release that the firm would be able to show the potential of virtual currencies and open payment systems due to the license. According to CEO Jeremy Allaire, the authorization would enhance Circle's goals for international growth. He said, "We are thrilled to get the in-principle license. We look forward to further cooperation with MAS to promote the vibrant cryptocurrency and blockchain ecosystem and the progress of fintech solutions in Singapore." On the same day that Circle gained its in-principle permission, Paxos, another stablecoin issuer, also acquired an in-principle license from MAS.
Paxos - Leading Regulated Blockchain Infrastructure
At Singapore Fintech Festival, Paxos, the top-governed blockchain infrastructure framework, declared that Paxos Global Pte Ltd retained an in-principle license from the Monetary Authority of Singapore (MAS) to assist digital payment tokens in accordance with the Payment Services Act 2019. https://twitter.com/PaxosGlobal/status/1587596935866687488 Paxos is the first blockchain infrastructure network established in the United States to be licensed as a Major Payments Institution. Paxos is the most thoroughly regulated platform internationally since it complies with the strictest regulations in Singapore and New York.
Services to Singaporean Domiciles
Following Singapore's legal requirements, Paxos may now provide its industry-leading blockchain and digital asset solutions and services to businesses with Singaporean domiciles. Paxos is one of the initial administrators of digital assets to obtain this license, demonstrating the company's dedication to conducting business for its clients transparently and ethically. Additionally, an in-principle license would enable Paxos to assist its current partners in extending their services throughout Asia.