The Block Crypto News20 minutes ago

Published on July 01, 2024 19:19 GMT+00:00edited on July 01, 2024 19:24 GMT+00:00

Paxos received approval from Singapore's central bank to offer certain services that will ultimately allow the firm to issue stablecoins that are compliant with the country's stablecoin framework.

Paxos' Singapore entity, Paxos Digital Singapore Pte. LTD., will be allowed to offer "digital payment token services" as a major payments institution, the stablecoin issuer said in a statement on Monday. 

“Stablecoins issued in accordance with standards set by a regulator like MAS [Monetary Authority of Singapore] – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services," said Walter Hessert, head of strategy at Paxos. "Receiving approval from MAS is an important step for Paxos and our global enterprise …