Paxos Secures License In Singapore Amid Plans Of Developing A USD Backed Stablecoin
Paxos has secured a preliminary license in Singapore by local authorities, paving the way for Paxos Digital Singapore Pte. Ltd. to initiate digital payment token services under the Payments Services Act while awaiting final approval.
Singapore's regulator has issued approval for Paxos, which plans to launch a US dollar-backed stablecoin through its new entity in the country to accelerate business and trade in the country.
Monetary Authority of Singapore issued initial approval to Pexos Digital. With the arrival of this stablecoin exporting company in Singapore, we can be more concerned about the legal spread of the cryptocurrency industry in all parts of the world than before. With the introduction and legislation of cryptocurrencies in one of the most important business hubs in Asia and the targeted use of cryptocurrencies for withdrawals, we can expect more liquidity to enter this industry.
The new company will offer token-based digital payment services and plans to launch a dollar-denominated stablecoin under the supervision of the country's proposed stablecoin regulator. Walter Hessert, head of strategy at Paxos, said: “Global demand for the US dollar has never been higher; "However, receiving dollars in a safe, reliable and regulated manner is difficult for consumers outside the United States."
Comments
jasmin
Very good
Mikhail.comorow
With the entry of this powerful company into the business center of Asia, Singapore, it can be expected to export UAE stablecoin dirhams or dinars Kuwaiti and Saudi riyals, which can increase the speed of commercial exchanges.
