Paxos, a crypto company known for its stablecoins, has received the necessary approvals from the central bank in Singapore, the country with the most difficult licensing and perhaps the harshest regulations in the world. The company will now be able to issue fixedcoins in Singapore through its subsidiary in the country. Paxos also partnered with DBS bank, one of Asia's largest, on related matters.

Paxos company, known for its crypto currencies such as PAX Gold and USDP, received "full approval" from the central bank in Singapore, which has the most difficult financial regulations in the world. The company will now operate its subsidiary in the country, “Paxos Digital Singapore Pte. LTD” will be able to issue stablecoins.

“Easier access to US dollars…”

Speaking about the license obtained, Paxos company strategy manager Walter Hessert drew attention to the difficulty of complying with the standards set by the Monetary Authority of Singapore (MAS):

“Issuing a stablecoin under the rules of a very rigorous regulator like MAS is a huge step in the democratization of trade and financial services. “This license will allow us and our partners to more easily deliver US dollars to the world and the masses.”

Very important partnership with DBS

While the license was officially announced by Paxos company, the company gained the title of "large payments company". In this way, Paxos will be able to offer “digital token payment services”. Thus, the company will have the right to issue stablecoins in Singapore after the United Arab Emirates. For cash management, a partnership was made with DBS bank, which is based in Singapore and provides services to many countries in Asia.

DBS started providing cryptocurrency services to corporate companies in the country in 2020 and even established a stock exchange called DBS Digital Exchange (DDEx). This stock exchange also serves corporate companies and accredited investors. The exchange also only allows Bitcoin, Ethereum, Bitcoin Cash and XRP transactions.

DBS is also considered one of Asia's largest financial services companies.

Paxos also released BUSD, Binance's old stablecoin, but it was blocked in the USA. Production of the BUSD stablecoin also stopped later.

- Uzmancoin