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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
The SEC is reportedly fast-tracking approval for spot Ethereum ETFs, which would allow ETFs to…
Decentralized social protocol Farcaster raises $150m in a funding round. The funds will help grow…
The SEC is likely to approve listing spot Ethereum ETFs as the SEC asked Nasdaq…
ZkSync token generation will be launched soon, with an airdrop anticipated around June 13.
Majuro, Marshall Islands, May 21st, 2024, ChainwireMultipool, a leading innovator in the blockchain and cryptocurrency…
Grayscale has submitted an updated 19b-4 form for Grayscale Ethereum Mini Trust.
This website uses cookies.