July 23, 2024
Latest Cryptocurrency News

Paxos Secures Singapore Approval, Expands Globally

Paxos International, a blockchain and tokenization platform, has secured full regulatory approval from the Monetary Authority of Singapore (MAS). This approval allows Paxos to offer digital payment token services as a Major Payments Institution. With this milestone, Paxos can now launch a stablecoin aligned with MAS’ upcoming regulatory framework. This approval marks Paxos’ entry into its third international market, following the United States and the United Arab Emirates.

Strategic Partnership with DBS Bank

In its expansion efforts, Paxos has partnered with DBS, Southeast Asia’s largest bank by assets under management. DBS will handle cash management and custody of the stablecoin reserves for Paxos.

This partnership is pivotal as DBS provides robust solutions to meet regulatory and customer standards. Additionally, this is also crucial for the wider adoption of stablecoins. Trust and security, emphasized by DBS, are key elements in this collaboration.

Global Expansion and New Offerings

The regulatory approval in Singapore is a significant step in Paxos’ global expansion. Earlier in June, Paxos announced the issuance of an interest-bearing stablecoin, the Lift Dollar (USDL), regulated in the Abu Dhabi Global Market (ADGM).

Furthermore, this new stablecoin will pay overnight yield on the reserves backing it. Paxos, based in New York, also mints PayPal USD, Pax Dollar (USDP), and Pax Gold (PAXG) under the regulation of the New York Department of Financial Services (NYDFS). With the approval from MAS, Paxos continues to strengthen its position in the global digital asset ecosystem. Thus, demonstrating its commitment to regulatory compliance and innovation.

Image by tawatchai07 on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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