Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state’s central bank.
Circle and Paxos both announced their approvals on Nov. 2, which came a week after the MAS issued two consultation papers on proposals for regulating digital payment token service providers and stablecoin issuers under Singapore’s Payment Services Act (PSA).
Paxos Asia CEO Rich Teo was also thrilled with its approval: “We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”
Singapore is fighting to take back its perception of being one of the more crypto-friendly countries.
Cointelegraph reached out to Circle and Paxos for comment but did not receive an immediate response.
Source: Cointelegraph
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