The Monetary Authority of Singapore, or MAS, has approved stable coin issuer Paxos to offer crypto services to local businesses.
In an announcement Thursday, Paxos said it had obtained a license from Singapore’s financial regulator, allowing the company to provide blockchain and crypto services under the country’s Payment Services Act. The stablecoin issuer said the regulatory approval would help its partners expand services into Asia.
“We are delighted to have MAS as our regulator, and with their oversight, we can safely accelerate consumer adoption of digital assets worldwide by driving regulated solutions for the world’s largest enterprises,” said Paxos Asia co-founder and CEO Rijke Theo .
Paxos was one of the first crypto companies to receive a BitLicense allowing it to operate in New York, as well as a charter from the New York Department of Financial Services in 2015, while operating under the name ItBit. In April 2021, the US Office of the Comptroller of the Currency granted the stablecoin provider a federal charter to form a national trust bank.
Related: Trust Is Key To Mainstream Adoption For Stablecoins, Says Paxos CEO
As of December 2021, Singapore’s monetary authority has reportedly denied regulatory approval for 103 of the 170 license applications from crypto firms seeking to operate in the country. However, companies such as Bitstamp Limited, Coinbase Singapore and Gemini Trust are: mention as an exemption from the possession of a license.
Binance’s Singapore Branch Reportedly Shut Down In February And Huobi Global announced it would close the accounts of all Singapore-based users by the end of March. In addition, Singapore is alleged to have cracked down on crypto ATMs in January under the MAS’s guidelines targeting advertising services for crypto companies.
Founded in 2012, Paxos is behind Paxos Standard (PAX), Binance USD (BUSD), PAX Gold (PAXG) and Pax Dollar (USDP).