Paxos Secures Permission for Issuing Stablecoin in Singapore with DBS as Custodian

Tuesday, 2 July 2024, 09:39
Paxos, a leading cryptocurrency firm, has obtained approval from the Monetary Authority of Singapore to issue stablecoins under the regulatory framework. The approval paves the way for broader adoption and trust in stablecoins as a reliable digital asset, with DBS Bank onboard to offer secure custody services. The collaboration between Paxos and DBS marks a significant milestone in the evolution of stablecoins and the crypto ecosystem, highlighting the growing importance of regulatory compliance and institutional partnerships in the digital asset space.
CoinDesk
Paxos Secures Permission for Issuing Stablecoin in Singapore with DBS as Custodian

Paxos Secures Regulatory Approval for Stablecoin Issuance

The Monetary Authority of Singapore has granted Paxos the permission to issue stablecoins within its regulatory framework.

DBS Bank to Provide Custody Services

DBS Bank is set to offer custody services for the stablecoins issued by Paxos, ensuring secure storage and management of digital assets.

Key Points:

  • Paxos gains approval from the Monetary Authority of Singapore for stablecoin issuance
  • DBS Bank to provide custody services for the stablecoins
  • Enhanced trust and credibility in stablecoins as digital assets
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