The blockchain and tokenization platform Paxos International has received full regulatory approval from the Monetary Authority of Singapore (MAS).
Paxos’s Singaporean arm, the issuer of the gold-backed stablecoin Bitcoin Pax Gold (PAXG), has been approved to offer services with digital payment tokens as a major payment institution.
The regulatory approval allows Paxos to launch a stablecoin in accordance with the upcoming regulatory framework of MAS.
The approval marks the third international market, after the United States and the United Arab Emirates, where Paxos-affiliated entities are authorized to issue stablecoins, according to a statement from July 1.
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According to DBS, the largest bank in Southeast Asia by assets under management, it will be the primary banking partner of Paxos.
