The Singapore Monetary Authority (MAS) has given stablecoin issuer Paxos a regulatory license to provide crypto services to local businesses.
Paxos said it had secured a license from Singapore’s financial authority, allowing it to provide blockchain and crypto services under the country’s Payment Services Act, in a statement released on Thursday.
The regulatory license, according to the stablecoin issuer, will benefit its partners in expanding services into Asia.
“We’re pleased to have MAS as our regulator, and with their guidance, we’ll be able to safely accelerate consumer adoption of digital assets internationally by enabling regulated solutions for the world’s largest organizations,” said Rich Teo, co-founder and CEO of Paxos Asia.
While operating under the name ItBit, Paxos was one of the first crypto enterprises to get a BitLicense allowing it to operate in New York, as well as a charter from the New York Department of Financial Services in 2015.
The Office of the Comptroller of the Currency of the United States gave the stablecoin provider a federal charter to form a national trust bank in April 2021.
Regulations license issues for crypto businesses in Singapore
Singapore’s monetary authorities reportedly declined 103 out of 170 license applications from crypto businesses seeking to operate in the country as of December 2021.
Companies like Bitstamp Limited, Coinbase Singapore, and Gemini Trust, on the other hand, have been granted an exemption from having to have a license.
Binance’s Singapore branch apparently ceased operations in February, while Huobi Global said that all Singapore-based users’ accounts would be closed by the end of March.
In addition, after the MAS issued guidelines targeting crypto businesses promoting services, Singapore reportedly tightened down on crypto ATMs in January.
Paxos is the company behind Paxos Standard (PAX), Binance USD (BUSD), PAX Gold (PAXG), and Pax Dollar, which were all launched in 2012. (USDP)
