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Stablecoin issuer Paxos gets approval in Singapore



The Financial Regulator of Singapore (MAS) has approved stablecoin issuer Paxos to operate crypto financial services.


According to a related announcement on Thursday, Paxos has finally received the long-awaited approval from the Singapore regulator, allowing the crypto company to operate as a service provider under Singapore's Payment Services Act. This is all the more important for Paxos, as the stablecoin publisher can expand even better in Asia this way.


“We are pleased that the MAS is our responsible regulator as their oversight will enable us to drive the adoption of digital currencies with regulated financial products for the world's largest corporations,” said Paxos Asia CEO Rich Teo.


 


Paxos is one of the first crypto companies to receive the special BitLicense in New York. Under the name ItBit, the company had already obtained a banking license from the New York Financial Supervisory Authority in 2015. In April 2021, the American banking regulator even granted the company a nationwide license as a trust bank.


 


As of December 2021, Singapore's financial regulator had denied the registration applications of 103 out of 170 companies hoping to be approved in the country. Big crypto companies such as Bitstamp Limited, Coinbase Singapore and Gemini Trust have nonetheless been granted exceptions .


 


Founded in 2012, Paxos is the issuer of the stablecoins Paxos Standard (PAX), Binance USD (BUSD), PAX Gold (PAXG) and Pax Dollar (USDP).

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