Circle and Paxos have received regulatory approval to operate in Singapore.
The approvals will allow both of these companies to offer crypto-related services in the region.
Stablecoin issuers Circle and Paxos have won approvals for their respective licences from the Monetary Authority of Singapore. The approvals received will help these firms offer crypto-related services in Singapore, which has lately been emerging as one of the leading financial hubs of the world.
Circle and Paxos Will Provide Crypto-Related Services in Singapore
Circle and Paxos have received regulatory approvals from the Monetary Authority of Singapore (MAS) to offer services in the region.
Circle has received in-principle approval from a major payment institution, enabling the company to “offer digital payment token products and conduct cross border and domestic transfer services in the city-state.” In a recent press statement, Circle shared how the firm has consistently been recruiting skilled personnel in the region to grow its business to new levels.
“As one of the world’s leading financial hubs, Singapore is instrumental to Circle’s regional and global expansion plans in raising global economic prosperity.” “We are honoured to receive the in-principle license, and we look forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystems as well as the advancement of fintech innovation in Singapore,” as stated by Jeremy Allaire, Co-Founder, and CEO of Circle.
In addition, US-based Paxos has also received a licence that permits the firm to offer digital token payment services in Singapore. According to a new announcement uploaded by the firm, “Paxos is one of the earliest digital asset operators to secure this licensing, underscoring the company’s commitment to operating with transparency and integrity for its customers. The licence will also help Paxos support its current partners in expanding their services into Asia.
“We’re honoured to be one of the first US-based blockchain platforms to secure this important licence from MAS. We believe blockchain and digital assets will revolutionise finance for everyone around the world, but the development of this technology must have clear oversight and consumer protections. We’re excited to have MAS as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises. as stated by Rich Te, co-founder and CEO of Paxos Asia.
Securing approvals from MAS is often considered a herculean task due to the organization’s tight regulatory requirements that it has set up for companies that wish to gain access to the Singaporean crypto market.
MAS had earlier rejected 100 out of 170 applications in 2021 under its stringent regulatory regime.
The Monetary Authority of Singapore recently issued detailed documents outlining a range of new rules in its bid to practise control over several crypto firms and businesses. The organisation had also announced a detailed set of rules for stablecoin issuers, adding that the issuers must match their reserves to the value of crypto in circulation before offering their services in Singapore.