Paxos secures approval from Singapore’s financial regulator
The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia.
The Monetary Authority of Singapore, or MAS, has granted stablecoin issuer Paxos regulatory approval to offer crypto services to local companies.
In a Thursday announcement, Paxos said it had received a license from Singapore’s financial regulator allowing the firm to provide blockchain and crypto services under the country’s Payment Services Act. The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia.
“We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally by powering regulated solutions for the world’s biggest enterprises,” said Paxos Asia co-founder and CEO Rich Teo.
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