Paxos has received approval from the Monetary Authority of Singapore to issue stablecoins and will collaborate with DBS Bank

ChainCatcher news, according to The Block, Paxos has announced that it has received full approval from the Monetary Authority of Singapore (MAS), allowing its Singapore entity Paxos Digital Singapore Pte. Ltd. to provide digital payment token services as a major payment institution. Paxos will be able to issue stablecoins under the upcoming stablecoin framework by MAS. DBS Bank will become Paxos's partner for cash management and stablecoin reserve custody.

It is reported that Paxos had previously been authorized to issue stablecoins in the United States and the UAE. So far, a total of 19 crypto companies have obtained the Major Payment Institution (MPI) license in Singapore, including Paxos, Blockchain.com, Circle, and Coinbase.