Paxos Receives Approval from Monetary Authority of Singapore to Offer Digital Payment Token Services with DBS as Banking Partner
Paxos, a digital asset company, has been granted approval by the Monetary Authority of Singapore to offer digital payment token services, allowing it to issue stablecoins. DBS, the largest bank in Singapore, will be Paxos' primary banking partner for cash management and custody of its stablecoin reserves. This marks Paxos' third jurisdiction for offering digital payment token services, and it is already authorized in New York and the United Arab Emirates. Singapore released a stablecoin framework last year, which requires issuers to meet specific stability and redemption requirements.
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