Paxos receives approval from the Monetary Authority of Singapore to issue stablecoins and will work with DBS Bank

Paxos, a blockchain and tokenization infrastructure platform, announced that it has received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte. Ltd., to provide digital payment token services as a major payment institution (MPI). This approval enables Paxos to issue stablecoins in accordance with MAS's upcoming stablecoin framework. Paxos said the company has been approved to issue stablecoins in the United States, the United Arab Emirates and Singapore. So far, 19 companies engaged in cryptocurrency services or digital payment token services have obtained Singapore's MPI license, including Paxos, Blockchain.com, Circle and Coinbase. In addition, DBS Bank will become Paxos' main banking partner for cash management and stablecoin reserve custody. DBS Bank is the largest bank in Southeast Asia by assets. (The Block)