Paxos, a leading blockchain and tokenization platform, has secured full regulatory approval from the Monetary Authority of Singapore (MAS) to launch a stablecoin in partnership with DBS, Southeast Asia’s largest bank.
The Singapore branch of Paxos, known for issuing the gold-backed stablecoin Pax Gold (PAXG), can now offer digital payment token services as a Major Payments Institution. This regulatory approval aligns with MAS‘ upcoming framework for digital payment tokens.
This approval makes Singapore the third international market, following the United States and the United Arab Emirates, where Paxos-related entities are authorized to issue stablecoins. This milestone was announced on July 1.
Walter Hessert, head of strategy at Paxos, highlighted the significance of this approval:
“Stablecoins issued in accordance with standards set by a regulator like MAS — known for its rigorous regulatory standards — represent a significant step toward democratizing access to commerce and financial services.”
With this approval, Paxos aims to expand its regulated stablecoin offerings globally, reinforcing its commitment to providing secure and compliant digital payment solutions.
Summary Review: Paxos’ recent approval from the Monetary Authority of Singapore to launch a stablecoin in partnership with DBS is a significant step forward. This approval marks Singapore as the third international market where Paxos can offer regulated stablecoin services, following similar approvals in the United States and the United Arab Emirates. This move not only strengthens Paxos‘ global presence but also underscores the importance of regulatory compliance in the rapidly evolving digital payments landscape. As Paxos continues to expand its offerings, this partnership with DBS is set to enhance the accessibility and security of financial services worldwide.
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