Digital asset company Paxos has announced that it has received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country, marking its third jurisdiction for operations. The approval from the Singaporean regulatory authority allows Paxos to provide services related to digital payment tokens, expanding its reach to the vibrant financial market in Singapore. This approval signifies Paxos’ commitment to regulatory compliance and its ability to meet the stringent requirements set forth by the Monetary Authority of Singapore. In addition to the approval, Paxos revealed that DBS, the largest bank in Singapore, will serve as its primary banking partner for cash management and the custody of its stablecoin reserves. This strategic partnership with DBS further solidifies Paxos’ presence in the region and enhances its operational capabilities. Last year, Singapore introduced a stablecoin framework that mandates issuers to adhere to specific stability and redemption requirements. By obtaining approval from the Monetary Authority of Singapore, Paxos has demonstrated its ability to comply with these regulations and operate within the framework set by the regulatory body. With regulatory approval in Singapore, in addition to its existing authorizations in New York and the United Arab Emirates, Paxos is well-positioned to offer its innovative digital asset services to a global audience. The company’s diverse product offerings, including PayPal USD (PYUSD) and Pax Dollar (USDP), cater to the evolving needs of the digital asset market. Asian Banking Giant DBS Is Patiently Wading Into Crypto
Paxos Expands Services to Singapore
14/07/2024
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Paxos, bir finans teknolojileri şirketi, artık Singapur'da hizmetlerini sunmaktadır ve bölgenin finansal manzarasına yenilikçi çözümler getirmektedir. Genişlemeleri ve Singapur pazarı üzerindeki etkisi hakkında daha fazla bilgi edinin.