The Publisher of Stable Coins Paxos Secures Regulatory Approval in Singapore

The blockchain and tokenization platform Paxos International has received full regulatory approval from the Monetary Authority of Singapore (MAS).
Paxos’ Singapore arm, the issuer of the gold-backed stablecoin Bitcoin Pax Gold (PAXG), has been granted approval to offer services with digital payment tokens as a major payment institution.
The regulatory approval allows Paxos to launch a stablecoin in accordance with the upcoming regulatory framework of MAS.
The approval marks the third international market, after the United States and the United Arab Emirates, where Paxos-related entities are authorized to issue stablecoins, according to a statement on July 1.
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According to information from DBS, the largest bank in Southeast Asia by assets under management, it will be the main banking partner of Paxos.