Paxos Receives Green Light from Singapore’s Monetary Authority for Digital Token Services
Paxos has secured full approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services. Positioning Singapore as a key hub in Paxos’s global stablecoin operations.
This authorization allows Paxos Digital Singapore to issue stablecoins compliant with MAS’s upcoming regulatory framework for stablecoin operations. DBS Bank, Southeast Asia’s largest bank, has been named as Paxos’s main banking partner, responsible for cash management and custody of stablecoin reserves.
This strategic partnership underscores Paxos’s commitment to trust and security, essential for broader adoption of stablecoins. This milestone aligns Singapore with Paxos’s operations in the United States and United Arab Emirates under similar regulatory frameworks.
Clever Robot News Desk 4th July 2024
