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Paxos has obtained full approval from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to offer “digital payment token services” as a major payments institution through its Singapore entity, Paxos Digital Singapore Pte. Ltd. This approval allows Paxos to issue stablecoins that comply with Singapore’s stablecoin framework.
Walter Hessert, Paxos’ head of strategy, emphasized the significance of MAS’s approval, stating, “Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services.” He highlighted that this approval enables Paxos and its global enterprise partners to securely provide access to US dollars to a broader user base worldwide.
Paxos is now authorized to issue stablecoins in the U.S., United Arab Emirates, and Singapore. The MAS Payment Institution (MPI) license is held by 19 firms involved in cryptocurrency and digital payment token services, including Paxos, Blockchain.com, Circle, and Coinbase. To obtain an MPI license, firms must meet criteria such as having a base capital of SGD $250,000 and maintaining a permanent place of business or registered office in Singapore.
In addition to regulatory approval, Paxos announced a strategic partnership with Singapore-based DBS Bank. This collaboration will focus on cash management needs and custodying stablecoin reserves. Evy Theunis, head of digital assets at DBS Bank’s institutional banking group, highlighted the bank’s extensive involvement in the digital asset ecosystem, which includes launching a fiat-to-crypto exchange in 2020 and partnering with Sandbox for a metaverse project.
The partnership underscores DBS Bank’s ongoing commitment to innovation in digital assets and further enhances its position in the evolving crypto landscape.
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