Paxos, a stablecoin issuer, has recently secured a preliminary license from banking authorities in Singapore, setting the foundation for establishing digital payment token services. Paxos Digital Singapore Pte. Ltd. will be registered under the Monetary Authority of Singapore’s (MAS) Payments Services Act and the firm is now awaiting full permission from the authority before it can commence issuing their US dollar backed stablecoin. Walter Hessert, the company’s Head of Strategy, said they are anticipating new customers as the demand for such tokens has rapidly increased.
The Singaporean license itself is not one of the first for the company; Last year Paxos issued a permit allowing for crypto asset related tokenization, custody and trading services, as well as being a part of the series C giant round that PayPal launched in August. In 2020, of course, Paxos granted an operating ability in Singapore that permitted brokerage within the crypto economy, enabling market players and citizens who embraced this institution to purchase, supervise, transact, and convey digital assets. Paxos’s first Singapore entity was also in charge of its BUSD stablecoin initiative; However, the New York stock exchange halted the coin’s programs amid uncertainties. Paxos now sets their hopes high with the new Singaporean venture.
