Singapore has blockchain technology firm Paxos full approval, granting the New York-based firm the permission to offer digital payment token services through its entity, Paxos Digital Singapore Pte. Ltd. This approval from the Monetary Authority of Singapore (MAS) enables Paxos to issue stablecoins under the upcoming stablecoin regulatory framework.

Paxos Expands Global Reach

With this latest regulatory milestone, Paxos has expanded the number of markets where it its authorized to issuer stablecoins, which include US and the UAE. Paxos has chosen DBS Bank, Southeast Asia's largest bank by assets, as its primary banking partner for cash management and the custody of stablecoin reserves.

Speaking about the approval, Walter Hessert, the Head of Strategy at Paxos, mentioned: "Stablecoins issued in accordance with standards set by a regulator like MAS - known for its rigorous regulatory standards - represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world."

Expect ongoing updates as this story evolves.