According to Foresight News, Paxos announced that it has received full approval from the Monetary Authority of Singapore (MAS), and its Singapore entity Paxos Digital Singapore Pte. Ltd. can provide digital payment token services as a major payment institution. Paxos will issue stablecoins that are substantially in line with the MAS's upcoming stablecoin framework. At the same time, DBS Bank will become Paxos' partner in cash management and stablecoin reserve custody.
Paxos has previously been approved to issue stablecoins in the United States and the United Arab Emirates. So far, a total of 19 crypto companies have obtained Singapore's Major Payment Institution (MPI) license, including Paxos, Blockchain.com, Circle and Coinbase.
