Paxos Gains Singapore Approval for Stablecoin Issuance With DBS Providing Custody
Summary
Digital asset company Paxos has received approval from the Monetary Authority of Singapore to offer digital payment token services in the country. This makes Singapore the third jurisdiction where Paxos is authorized to operate, following New York and the United Arab Emirates. The company's products include PayPal USD and its own Pax Dollar. DBS, Singapore's largest bank, will be Paxos' primary banking partner for cash management and custody of its stablecoin reserves. This follows Singapore's introduction of a stablecoin framework last year, which mandates issuers to meet specific stability and redemption requirements.
