Regulatory victory for Paxos as Singapore approves US dollar stablecoin plan News ▸ Singapore ▸ Stablecoins
Regulatory victory for Paxos as Singapore approves US dollar stablecoin plan
Paxos set to launch USD stablecoin in Singapore following 'in principle' green light from MAS.
1 min read
Updated: Nov. 16, 2023 at 10:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Paxos has secured an in-principle approval (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, aligning with MAS’ forthcoming stablecoin framework.
The news comes after several new tokenization pilots were released in the region to increase commercial partnerships with global fintech providers.
With the full approval, Paxos Digital Singapore is set to issue a novel US dollar stablecoin, already recognized for its compliance with the MAS’ proposed stablecoin regulatory framework. Paxos asserts that this development is a significant stride towards democratizing financial services and commerce access, aligning with global prudential standards.
“Paxos is revolutionizing the realm of stablecoin utility and mainstream adoption,” said Walter Hessert, Paxos’ Head of Strategy.
“With the global demand for the US dollar soaring, our regulated platform will facilitate safe and reliable access to US dollars, fortified by regulatory protections, to users worldwide.”
Paxos’ approach, which is deeply entrenched in the principles of transparency and integrity, ensures the issuance of tokens under rigorous regulatory oversight.
This achievement aligns with Paxos’ mission to establish itself as a globally regulated blockchain platform, adhering to the stringent AML and KYC standards of financial markets like the US and Singapore. In 2022, Paxos emerged as the first US-based blockchain infrastructure platform to receive a license under Singapore’s Payment Services Act 2019 for offering digital payment token services.
The company’s mission is to forge 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.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Paxos Trust Company, LLC is a regulated blockchain infrastructure company building transparent and transformative financial solutions.