{"id":579249,"date":"2022-11-02T08:11:38","date_gmt":"2022-11-02T08:11:38","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=579249"},"modified":"2022-11-02T08:14:03","modified_gmt":"2022-11-02T08:14:03","slug":"leading-stablecoin-issuers-paxos-and-circle-secure-regulatory-approvals-to-offer-crypto-services-in-singapore","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/leading-stablecoin-issuers-paxos-and-circle-secure-regulatory-approvals-to-offer-crypto-services-in-singapore\/","title":{"rendered":"Leading Stablecoin Issuers Paxos and Circle Secure Regulatory Approvals To Offer Crypto-Related Services In Singapore"},"content":{"rendered":"\n<ul>\n<li>Circle and Paxos have received regulatory approval to operate in Singapore.<\/li>\n\n\n\n<li>The approvals will allow both of these companies to offer crypto-related services in the region.<\/li>\n<\/ul>\n\n\n\n<p>Stablecoin issuers <a href=\"https:\/\/en.ethereumworldnews.com\/circle-adds-usdc-support-to-five-leading-blockchains\/\" data-type=\"post\" data-id=\"577561\">Circle<\/a> and <a href=\"https:\/\/en.ethereumworldnews.com\/mastercard-crypto-trading-banks-paxos\/\" data-type=\"post\" data-id=\"578361\">Paxos<\/a> 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.<\/p>\n\n\n\n<p><strong>Circle and Paxos Will Provide Crypto-Related Services in Singapore<\/strong><\/p>\n\n\n\n<p>Circle and Paxos have received regulatory approvals from the Monetary Authority of Singapore (MAS) to offer services in the region.<\/p>\n\n\n\n<p>Circle has received in-principle approval from a major payment institution, enabling the company to &#8220;offer digital payment token products and conduct cross border and domestic transfer services in the city-state.&#8221; In a recent press <a href=\"https:\/\/www.circle.com\/en\/pressroom\/circle-earns-in-principle-regulatory-approval-in-singapore\" rel=\"nofollow noopener\">statement<\/a>, Circle shared how the firm has consistently been recruiting skilled personnel in the region to grow its business to new levels.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Circle, the issuer of USDC, has received In-Principle Approval as a Major Payments Institution License holder from Monetary Authority of Singapore (MAS). It allows Circle to offer digital payment token products, cross-border and domestic transfer services. <a href=\"https:\/\/t.co\/LgZaxl51lE\" rel=\"nofollow\">https:\/\/t.co\/LgZaxl51lE<\/a><\/p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1587642927404109825?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 2, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>&#8220;As one of the world\u2019s leading financial hubs, Singapore is instrumental to Circle\u2019s regional and global expansion plans in raising global economic prosperity.&#8221; &#8220;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,&#8221; as stated by Jeremy Allaire, Co-Founder, and CEO of Circle.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/paxos.com\/2022\/11\/02\/paxos-secures-major-payments-institution-license-from-monetary-authority-of-singapore\/\" rel=\"nofollow noopener\">announcement<\/a> uploaded by the firm, &#8220;Paxos is one of the earliest digital asset operators to secure this licensing, underscoring the company\u2019s 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.<\/p>\n\n\n\n<p>&#8220;We\u2019re 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\u2019re excited to have MAS as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world\u2019s biggest enterprises. as stated by Rich Te, co-founder and CEO of Paxos Asia.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Paxos, issuer of the USDP and BUSD stablecoin, has also received a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services under the Payment Services Act 2019. <a href=\"https:\/\/t.co\/rFniw8RfCd\" rel=\"nofollow\">https:\/\/t.co\/rFniw8RfCd<\/a><\/p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1587643499864035328?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 2, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Securing approvals from MAS is often considered a herculean task due to the organization&#8217;s tight regulatory requirements that it has set up for companies that wish to gain access to the Singaporean crypto market.<\/p>\n\n\n\n<p>MAS had earlier rejected 100 out of 170 <a href=\"https:\/\/cointelegraph.com\/news\/100-digital-payment-token-firms-in-singapore-fail-to-win-licenses-report\" data-type=\"URL\" data-id=\"https:\/\/cointelegraph.com\/news\/100-digital-payment-token-firms-in-singapore-fail-to-win-licenses-report\" rel=\"nofollow noopener\">applications<\/a> in 2021 under its stringent regulatory regime.<\/p>\n\n\n\n<p>The Monetary Authority of Singapore recently issued <a href=\"https:\/\/www.coindesk.com\/policy\/2022\/10\/26\/singapore-central-bank-proposes-stablecoin-rules-to-reign-in-crypto-sector\/\" rel=\"nofollow noopener\">detailed<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":53,"featured_media":571852,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,947],"tags":[],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579249"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=579249"}],"version-history":[{"count":4,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579249\/revisions"}],"predecessor-version":[{"id":579255,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579249\/revisions\/579255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/571852"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=579249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=579249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=579249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}