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The Monetary Authority of Singapore has granted a full license to digital asset startup Paxos to provide digital payment token services within the nation. The firm has now been approved in three jurisdictions.
The largest bank in Singapore, DBS, will be Paxos’ principal banking partner, the company said in a statement on Monday. Paxos is well-known for its PayPal USD (PYUSD) and its own Pax Dollar (USDP). DBS will be in charge of keeping track of Paxos’ stablecoin reserves and managing cash.
Following Singapore’s implementation of a stablecoin framework last year, which mandated that issuers fulfill particular stability and redemption requirements, comes this permission. New York and the United Arab Emirates have previously approved Paxos.
Paxos CEO Charles Cascarilla highlighted the importance of this approval, stating, “Securing full approval in Singapore underscores our commitment to compliance and regulatory excellence. Partnering with DBS enhances our ability to offer reliable digital payment token services.”
As the digital asset landscape evolves, Paxos continues to expand its global reach, adhering to stringent regulatory standards. The collaboration with DBS further strengthens its position in the market, ensuring robust cash management and stablecoin custody solutions.