Paxos Gains Full Approval From Singapore’s Monetary Authority for Digital Token Services
Paxos has received full approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services, positioning Singapore as a significant hub for Paxos’s global stablecoin operations. This approval allows Paxos to issue stablecoins that comply with MAS’s forthcoming regulatory framework.
DBS Bank Named Main Banking Partner as Paxos Secures MAS Approval
Paxos, a blockchain and tokenization infrastructure firm, has been authorized as a Major Payments Institution in Singapore. This accreditation permits Paxos Digital Singapore to legally issue stablecoins in line with MAS’s upcoming standards. The company noted that this milestone underscores Singapore’s importance alongside the United States and United Arab Emirates, where Paxos operates under similar regulatory approvals.
DBS Bank, the largest bank in Southeast Asia, has been appointed as the primary banking partner for Paxos. DBS Bank will manage cash operations and custody of stablecoin reserves. “We are pleased to support Paxos’ new chapter in Singapore,” said Evy Theunis, head of digital assets at DBS Bank. “We firmly believe that trust and security are key to wider stablecoin adoption.”
This development follows Paxos International’s launch of its new yield-bearing stablecoin, lift dollar (USDL). Paxos also issues PayPal’s stablecoin PYUSD, its own Ethereum-based stablecoin Paxos Dollar (USDP), and the gold-backed token PAXG. Previously, Paxos issued Binance Dollar (BUSD) but has stopped minting new BUSD. Additionally, in mid-June, Paxos laid off 65 employees.
