Paxos, the regulated blockchain & tokenization infrastructure platform, secured in principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity, Paxos Digital Singapore Pte. Ltd. to offer digital payment token services.
Paxos Digital Singapore will issue “a new US dollar stablecoin that MAS has acknowledged to be substantively compliant with MAS’ proposed stablecoin regulatory framework, in advance of the legislative framework coming into force.”
Upon receiving full approval, Paxos will be able “to partner with enterprise clients to issue the USD-backed stablecoin in Singapore.”
Paxos is at the forefront of ushering in “a new era of stablecoin utility and mainstream adoption.”
The company’s commitment to transparency, accountability, and integrity “is exemplified by its commitment to regulatory compliance and proactively seeking oversight.”
Stablecoins issued in accordance with standards set by global prudential regulators represent a significant step “towards democratizing access to commerce and financial services.”
Paxos is committed to integrity and transparency “in its operations and the company will only issue tokens that are subject to oversight by prudential regulators.”
Paxos consistently pursues growth in global markets “within regulated frameworks and engages with regulators to help inform digital asset rules.”
The company maintains the rigorous AML and KYC standards “established by leading financial markets like the US and Singapore. This milestone solidifies Paxos’ position as the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in both New York and Singapore. In 2022, Paxos became the first US-based blockchain infrastructure platform to obtain a license from the MAS to offer digital payment token services under the Payment Services Act 2019.”
Walter Hessert, Paxos Head of Strategy, commented:
“Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably and under regulatory protections. This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world. Because Paxos upholds the highest standards of compliance and oversight, global enterprises partner with us to power stablecoin solutions that drive their businesses and respond to their customers’ needs.”
By leveraging blockchain technology, Paxos aims to “open the financial system to everyone, introducing significant opportunities to global markets and billions of users.”
As Paxos continues to lead the way in digital asset innovation, the company “remains committed to its mission of building a more inclusive and accessible financial future.”
All Paxos stablecoins are fully “backed 1:1 by the US Dollar and cash equivalents, ensuring that they are stable, safe, and reliable.”
Similar to its other tokens, Paxos will “issue monthly attestations and reserve reports so that all holders know exactly what they own.”