Paxos Digital Singapore Pte. Ltd., stablecoin issuer Paxos’s Singapore arm, has secured full regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services as a Major Payments Institution. This milestone empowers Paxos to issue stablecoins in adherence with MAS’ forthcoming stablecoin regulatory framework, marking Singapore as the third global market after the US and UAE where Paxos entities are authorized for stablecoin issuance.
Walter Hessert, Head of Strategy at Paxos, emphasized the significance of MAS’ approval: “Stablecoins issued under MAS standards represent a significant advancement in democratizing access to commerce and financial services globally. This approval is pivotal for Paxos and our partners worldwide to securely provide broader access to US dollar exposure.”
In a strategic move to bolster confidence and security, Paxos has selected DBS Bank, renowned as Southeast Asia’s largest bank and a leader in banking innovation, as its primary banking partner. DBS will manage cash flows and secure custody of stablecoin reserves, ensuring robust regulatory compliance and operational security.
Evy Theunis, Head of Digital Assets, Institutional Banking Group at DBS Bank, affirmed DBS’s commitment to supporting Paxos: “Trust and security are paramount for wider stablecoin adoption. DBS’s comprehensive solutions will assist stablecoin issuers in meeting regulatory expectations, further solidifying our role in the digital asset ecosystem.”
This approval underscores Paxos’s commitment to rigorous regulatory standards across global jurisdictions, including New York and Abu Dhabi Global Market. It positions Paxos as a leader in regulated blockchain infrastructure, offering secure and compliant financial solutions globally.
