Last Updated on November 16, 2023 by Bitfinsider
Paxos has established a new corporation in Singapore to launch a new USD-backed stablecoin in the nation. Paxos Digital Singapore Pte. Ltd. gained in-principle permission from the Singapore Monetary Authority late Wednesday. Before the legislative changes take effect, the new business will issue a USD-backed stablecoin that will conform with Singapore’s newly agreed stablecoin legal framework.
In August, the MAS formalized the regulatory framework for stablecoins, which applies to single-currency stablecoins linked to the Singaporean dollar or any G10 currency, including the US dollar. Firms wishing to have their stablecoins recognized as “MAS regulated stablecoins” must follow the guidelines. “Paxos is the only company that has received MAS approval,” a company spokeswoman told Bitfinsider.
“We will launch a new stablecoin with entirely new branding.” This is due to the fact that it is done from Singapore.” According to the spokesman, Paxos does not yet have a name or precise specifics for the new stablecoin, other than the fact that it is USD-backed and issued by the firm’s new Singapore corporation.
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