Paxos Receives Preliminary Approval for Digital Payment Token Services in Singapore

According to Foresight News, stablecoin issuer Paxos' Singapore entity has received preliminary approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services in the country. Upon obtaining full approval, Paxos plans to collaborate with corporate clients to issue a new US dollar-backed stablecoin. The preliminary approval granted by MAS allows Paxos to operate in Singapore, expanding its presence in the region. The company aims to work with businesses to develop a new stablecoin that will be backed by the US dollar, providing a stable and secure digital asset for users. This development marks a significant milestone for Paxos, as it continues to establish itself as a leading player in the stablecoin market. The company's expansion into Singapore highlights its commitment to providing innovative digital payment solutions to clients across the globe.