Paxos Receives Singapore Approval for Stablecoin Services
Paxos Digital Singapore Pte. Ltd., a significant player in cryptocurrencies, secured approval from Singapore’s central bank to offer digital payment token services.
This allows Paxos to issue compliant stablecoins, expanding its global operations notably.
The Monetary Authority of Singapore (MAS) designated Paxos as a major payment institution, highlighting its financial robustness and adherence to regulations.
Paxos joins a small group of 19 entities under Singapore’s strict financial oversight, enhancing access to U.S. dollar-backed stablecoins globally.
READ MORE: Circle Gains First EU License for Stablecoins Under MiCA
In parallel, Paxos’ partnership with DBS Bank strengthens digital asset services, aligning with DBS’s pioneering role in integrating cryptocurrencies into traditional banking.
Despite recent workforce reductions to streamline operations, Paxos maintains a strong financial position with over $500 million in reserves.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
