Circle and Paxos Secure Regulatory Approval in Singapore
The issuer of the stablecoin USDC – Circle – and the blockchain infrastructure platform – Paxos – received licenses from the Monetary Authority of Singapore (MAS) to offer services in the city-state.
The country’s top financial regulator has greenlighted numerous digital asset firms over the past several months, including CryptoCom, Genesis, and Sparrow.
Circle’s Authorization
The US-based stablecoin issuer obtained in-Principle Approval as a Major Payments Institution License holder from the MAS. The authorization enabled the company to provide digital payment token products and conduct cross-border and domestic transactions in the Asian city-state.
Dante Disparte – CSO of Circle – described the greenlight as a “milestone” that will “demonstrate the potential of digital currencies, open payment systems, and innovation-forward fintech regulations.” He also believes it could strengthen Singapore’s position as a global crypto center.
Jeremy Allaire – Co-Founder and CEO of Circle – said the company has always aimed to receive a regulatory nod from the South East Asian nation, classifying it as one of “the world’s leading financial hubs.”
“We are honored to receive the in-principle license, and we look forward to more collaborations with the MAS to support the thriving crypto and blockchain ecosystem as well as the advancement of fintech innovation in Singapore,” he added.
Paxos Also Receives a License
Singapore’s watchdog granted Paxos a license that allows it to offer digital asset services under the Payment Services Act 2019. Thus, the New-York based company became the first American blockchain platform to obtain authorization as a Major Payments Institution.
Paxos’ endeavors in Singapore are aligned with its plans for global expansion since it has previously attempted to secure necessary licenses, mainly from the US regulators. Commenting on the move was Co-Founder and CEO of Paxos Asia – Rich Teo:
“We’re honored to be one of the first US-based blockchain platforms to secure this important license from the MAS. We believe blockchain and digital assets will revolutionize finance for everyone around the world, but the development of this technology must have clear oversight and consumer protections.
We’re excited to have the MAS as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”
The Previous Approvals
The MAS gave a few more regulatory nods to digital asset companies, including CryptoCom, Genesis, and Sparrow, earlier this year.
As a result, they can now offer multiple settlement solutions within the Payment Services Act, including Digital Payment Token (DPT) services to Singaporean clients.
“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build,” Kris Marszalek – Co-Founder and CEO of CryptoCom – said.
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