Paxos has received an Approval in Principle (IPA) from the Monetary Authority of Singapore (MAS) for Paxos Digital Singapore. This approval marks an expansion of a US dollar stablecoin platform into the Asian market, in line with MAS’ upcoming stablecoin framework.
The news comes after several new tokenization pilots were released in the region to increase commercial partnerships with global fintech providers.
With full approval, Paxos Digital Singapore plans to issue a new US dollar-denominated stablecoin, which is already recognized for its compliance with the MAS’s proposed stablecoin regulatory framework. Paxos claims that this development is an important step towards democratizing financial services and access to trading, in line with global prudential standards.
“Paxos is revolutionizing stablecoin utility and mainstream adoption,” said Walter Hessert, Paxos Chief Strategy Officer.
“As global demand for the U.S. dollar soars, our regulated platform will facilitate safe and reliable access to U.S. dollars, strengthened by regulatory protections, for users around the world.”
Paxos’ approach, which is deeply anchored in the principles of transparency and integrity, guarantees the issuance of tokens under strict supervision by regulators.
This achievement is in line with Paxos’ mission to establish itself as a globally regulated blockchain platform, adhering to the stringent AML and KYC standards of financial markets such as the US and Singapore. In 2022, Paxos emerged as the first US-based blockchain infrastructure platform to receive a license under the Singapore Payment Services Act 2019 to provide digital payment token services.
The company’s mission is to create a more inclusive and accessible financial future. All Paxos stablecoins are backed 1:1 by the US dollar and cash equivalents, and Paxos issues monthly attestations and reserve reports, reinforcing trust and accountability in its operations.
The post-regulatory victory for Paxos when Singapore approved the US dollar stablecoin plan appeared first on CryptoSlate.