Paxos to Issue New US Dollar-Backed Stablecoin in Singapore
The post Paxos to Issue New US Dollar-Backed Stablecoin in Singapore appeared on BitcoinEthereumNews.com.
The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. Blockchain infrastructure firm Paxos has announced plans to issue a US dollar-backed stablecoin for its customers in Singapore. The initiative comes after Paxos reportedly received preliminary approval from the Monetary Authority of Singapore (MAS), paving the way for the establishment of Paxos Digital Singapore Pte. Ltd. This entity will operate under the Payments Services Act (PSA) while awaiting full regulatory approval to conduct business in Singapore. The Initial Approval and Road Ahead for Paxos The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. The regulatory green light provides an opportunity for Paxos to engage with customers under the PSA, demonstrating a commitment to compliance while awaiting full approval. Upon receiving the anticipated full approval, Paxos plans to collaborate with enterprise clients to issue a US dollar-backed stablecoin. This move aligns with the increasing global demand for the US dollar, addressing challenges faced by consumers outside the United States in accessing dollars securely and reliably while adhering to regulatory protections. “Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably, and under regulatory protections,” said Paxos Head of Strategy Walter Hessert in a statement. It is worth mentioning that the announcement comes just over a year after Paxos was granted an operating license in the Southeast Asian country, allowing it to provide tokenization, custody, and trade services under the same bill as per Wednesday’s announcement. Paxos is known for its commitment to transparency, evident in its…
Filed under: News - @ November 17, 2023 12:24 am