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Paxos Gains Regulatory Approval to Issue Stablecoin in Singapore

Twitter icon  •  Published 2 months ago  •  Hassan Maishera

Paxos has gained regulatory approval to issue stablecoins in Singapore and has chosen DBS to be its banking partner in the region.

TL;DR

  • Paxos has received the Monetary Authority of Singapore's approval to issue stablecoins in the country.

  • The company has chosen DBS as its banking partner for cash management and the custody of its stablecoin reserves.

Paxos Receives Regulatory Approval in Singapore for Stablecoin Issuance

Digital asset company Paxos announced that it has received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country.

Paxos, which issues the PayPal USD (PYUSD) as well as its own Pax Dollar (USDP) stablecoins revealed that it selected  DBS, the state's biggest bank, as its primary banking partner for cash management and the custody of its stablecoin reserves.

This latest development comes roughly a year after Singapore launched a stablecoin framework that requires issuers to meet certain stability and redemption requirements. Singapore is Paxos’s third jurisdiction as it is also allowed to operate in New York and the United Arab Emirates.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.