Paxos International blockchain and tokenization platform has received full regulatory approval from the Monetary Authority of Singapore .
The regulatory approval enables Paxos to launch a stablecoin in line with MAS’ upcoming regulatory framework. MAS’ regulatory approval was a significant step for Paxos’ efforts to expand their regulated stablecoin offering worldwide, wrote Walter Hessert, head of strategy at Paxos: Paxos will rely on DBS for cash management and the custody of the stablecoin reserves, according to the announcement.
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