Paxos Receives Full Regulatory Approval in Singapore

The Monetary Authority of Singapore (MAS) has granted full regulatory approval to Paxos International, a blockchain and tokenization platform.

This approval allows the Singapore branch of Paxos to operate as a Major Payments Institution and offer digital payment token services, including the issuance of its gold-backed stablecoin, Pax Gold (PAXG).

This makes it the third market, after the United States and the United Arab Emirates, where Paxos is authorized to issue stablecoins. With this approval, Paxos plans to launch a stablecoin in compliance with MAS’ upcoming regulatory framework.

According to Walter Hessert, Paxos’ head of strategy, this approval is a significant achievement in their efforts to expand their regulated stablecoin offering globally.