Paxos Will Be Allowed To Offer Blockchain Or Crypto Services In Singapore
After obtaining a license under the Payment Services Act, Paxos, the issuer of the USDP stablecoin, will be authorized to sell crypto goods and services in Singapore.
The clearance was announced on Wednesday by the New York-based company, which stated in a news release that the license would allow it to sell the digital asset and blockchain products and services to enterprises established in the country.
According to the press announcement, this includes tokenization, custody, and trading services. Paxos is arguably best known for creating the Paxos Dollar (USDP), which has a market capitalization of over $900 million.
Rich Teo, Co-Founder and CEO of Paxos Asia, commented:
“We’re excited to have MAS as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”
Last Monday, the MAS, Singapore’s central bank, proposed new stablecoin restrictions, including reserve and capital requirements, as well as a ban on lending and other operations. These plans are accessible for public discussion through the end of next month.
As Coincu reported, Circle recently announced that it had gotten in-principle authorization to provide digital payment token products and other services in Singapore.
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