Circle, Paxos secure regulatory approval from Singapore financial watchdog

admin November 2, 2022

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2 November, Monetary Authority of Singapore (MAS) approved Paxos License and Granted Principles approval to the circle.

Paxos is the issuer of Paxos Standard (USDP) and co-issuer of Binance USD (BUSD). Circle, on the other hand, is best known for issuing USD Coin (USDC) and Euro Coin (EUROC).

approval

By securing approval from MAS, Paxos became the first US-based blockchain to be approved by Singapore. Paxos’ new license will allow it to offer all blockchain products and services in the country. This will allow Paxos to support its current partners’ efforts to expand in Asia.

Circle’s approval in principle already grants certain capabilities, such as offering digital payment token products and cross-border domestic remittance services within Singapore. Circle co-founder Jeremy Allaire called the country “the world’s leading financial hub,” adding that the country is crucial to Circle’s expansion plans.

Singapore

Singapore has been known for its support of cryptocurrencies for years. However, the recent winter market has changed Singapore’s position on crypto. Especially after the demise of Singapore-based 3AC, MAS has expressed displeasure at the potential for malicious activity within the cryptocurrency industry.

In June, MAS Chief Fintech Officer Sopnendu Mohanty said:

“We do not tolerate bad behavior in the market. If someone does bad things, we are brutal, merciless and harsh. We have been accused by many cryptocurrencies of being unfriendly.

Since then, MAS has focused on tightening regulation of cryptocurrencies and reimagining their familiarity. In August, the county pledged to introduce a new regulatory framework that could better protect retail investors.

In October, MAS submitted two regulatory bills on crypto regulation. The new paper builds on the notion that cryptoassets are “inherently speculative and risky” and introduces a set of measures that limit the activity of digital payment token services and stablecoin issuers. increase.