{"id":24544,"date":"2023-11-16T07:54:42","date_gmt":"2023-11-16T07:54:42","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/paxos-gains-initial-approval-for-launch-in-singapore\/"},"modified":"2023-11-16T07:54:42","modified_gmt":"2023-11-16T07:54:42","slug":"paxos-gains-initial-approval-for-launch-in-singapore","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/paxos-gains-initial-approval-for-launch-in-singapore\/","title":{"rendered":"Paxos Gains Initial Approval for Launch in Singapore"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Paxos has its aim at the Singapore market. The Monetary Authority of Singapore (MAS) has given preliminary approval to Paxos Digital Singapore Pte. Ltd, a new subsidiary of Paxos. This step is crucial for the company\u2019s plan to issue a U.S. dollar-backed stablecoin in Singapore, adhering to the nation\u2019s upcoming stablecoin regulations.<\/p>\n<hr\/>\n<p><strong>What you need to know<\/strong><\/p>\n<ul>\n<li><em>Paxos Digital Singapore Pte. Ltd, a new subsidiary of Paxos, received preliminary approval from the Monetary Authority of Singapore (MAS) to issue a U.S. dollar-backed stablecoin.<\/em><\/li>\n<li><em>The stablecoin initiative aligns with Singapore\u2019s new regulations for non-bank issued tokens pegged to major currencies, applicable when circulation exceeds 5 million Singapore dollars (about $3.7 million).<\/em><\/li>\n<li><em>Paxos has previously issued PayPal\u2019s USD-backed stablecoin, PYUSD, demonstrating its capability and experience in the stablecoin market.<\/em><\/li>\n<\/ul>\n<hr\/>\n<p>Walter Hessert, Paxos\u2019 head of strategy, highlighted the global necessity for accessible U.S. dollars. \u201cGlobal demand for the U.S. dollar has never been stronger, yet it remains difficult for consumers outside the U.S. to get dollars safely, reliably and under regulatory protections,\u201d he said. This new stablecoin aims to fulfill this need under regulated conditions.<\/p>\n<p>Prior to this development, the globally recognized crypto infrastructure firm had already made its mark in the stablecoin domain. It was the issuer behind PayPal\u2019s USD-backed stablecoin, <a href=\"https:\/\/igaming.org\/crypto\/paypal-ventures-into-crypto-realm-with-its-own-stablecoin-pyusd\/\">PYUSD<\/a>, which was launched on Aug. 7. The success of PYUSD underscores Paxos\u2019s expertise and capability in managing stablecoins.<\/p>\n<p>Paxos is committed to transparency and regulatory compliance, ensuring that its stablecoins are fully backed by U.S. dollars and cash equivalents. The firm regularly publishes monthly attestations and reserve reports to maintain and demonstrate compliance.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n<p>New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>This initiative aligns with MAS\u2019s recent regulatory updates. On Aug. 15, MAS introduced a comprehensive framework to regulate stablecoins, focusing on tokens not issued by banks but pegged to major currencies like the euro, British pound, U.S. dollar, and the Singapore dollar. The regulation becomes applicable when such tokens have a circulation exceeding 5 million Singapore dollars (about $3.7 million).<\/p>\n<p>Upon receiving complete approval from MAS, Paxos plans to partner with enterprise clients in Singapore to introduce the stablecoin. This move signifies Paxos\u2019 commitment to expanding its regulated platform to a broader global audience, leveraging Singapore\u2019s progressive regulatory environment.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/paxos-advancing-in-singapore-with-usd-stablecoin-approval\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Paxos has its aim at the Singapore market. The Monetary Authority of Singapore (MAS) has given preliminary approval to Paxos Digital Singapore Pte. Ltd, a new subsidiary of Paxos. This step is crucial for the company\u2019s plan to issue a U.S. dollar-backed stablecoin in Singapore, adhering [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":24545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24544"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24544"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24545"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}