Crypto infrastructure company Paxos has received in-principle approval from Singapore regulators to form a new company with plans to launch a U.S. dollar-backed stablecoin.
Paxos said in a statement on November 15 that its new company, Paxos Digital Singapore Pte., has received preliminary approval from the Monetary Authority of Singapore (MAS). received. Ltd. The new company can provide digital payment token services and plans to issue a U.S. dollar stablecoin in accordance with the stablecoin regulations proposed by the Hong Kong Monetary Authority.
Following full approval, Paxos said it could work with corporate clients to issue stablecoins in Singapore.
“Global demand for U.S. dollars has never been greater, yet it remains difficult for consumers outside the United States to obtain U.S. dollars safely, securely, and with regulatory protection,” said Walter Hessert, head of strategy at Paxos. “MAS’s approval in principle will allow Paxos to Offering its regulated platform to more users around the world.”
