🗞️ Paxos has received approval from the Central Bank of Singapore to offer digital services, allowing it to issue stablecoins in compliance with the country’s regulations. Paxos Digital Singapore Pte. LTD. is authorized to offer “virtual payment token services” as a licensed institution.

“Obtaining the license is an important step for Paxos and our global corporate partners to safely offer access to US dollars (USD) to more users worldwide,” said Paxos’ Head of Strategy Walter Hessert.

Paxos also has the right to issue stablecoins in the US and the UAE. Currently, 19 companies hold the MPI license in Singapore, including Blockchain. com, Circle, and Coinbase.

Paxos announced a partnership with Singapore’s DBS Bank to manage cash and store stablecoin reserves. Head of Digital Assets at DBS Bank’s Institutional Banking Group, Evie Teunis, noted that the partnership expands the bank’s involvement in the cryptocurrency ecosystem.

https://warpcast.com/saulgoodmanbrba/0xd2f782c2