Stablecoin issuer Paxos gains Singapore operational approval 

credit: Shutterstock
credit: Shutterstock

Paxos, a stablecoin and cryptocurrency issuer, has received full regulatory approval to operate within Singapore. 

The company was authorised and cleared by the country’s Money Authority of Singapore (MAS) which will now enable Paxos to offer its range of digital payment token services to relevant companies. 

Asian bank DBS was cited by Paxos as its first banking partner in Singapore and will look to offer its cash management and custody of some of its stablecoin reserves. Paxos issues a range of stablecoins, such as PayPal’s PYUSD and Pax Dollar

DBS holds all three licences in Singapore to enable clients to buy, trade and sell digital asset services, having Paxos on board as a partner now enables Asia’a largest bank by assets to bring a more multifaceted approach to crypto and digital asset custody. 

Evy Theunis, Head of Digital Assets, Institutional Banking Group at DBS Bank, said: “We firmly believe that trust and security are key to wider stablecoin adoption. 

“Having examined all relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them.” 

Paxos is now regulatory approved in three countries following the Singapore clearance. The crypto issuer also has licences to operate in the US and United Arab Emirates. 

Walter Hessert, Head of Strategy at Paxos, added: “Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratising access to commerce and financial services.

“Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.”