The Monetary Authority of Singapore (MAS) has given Paxos the green light to offer certain services under the country's stablecoin framework.
According to Walter Hessert, head of strategy at Paxos, the approval from MAS, known for its strict regulatory standards, is an important step in making commerce and financial services more accessible to a wider audience.
Paxos has already been licensed to issue stablecoins in the United States and United Arab Emirates, and MAS approval further expands its reach.
Currently, there are 19 companies with the MPI license in Singapore, including Paxos, Blockchain.com, Circle and Coinbase.