The issuers of the USDC and USDP stabilcoins received licenses in Singapore
Singapore monetary control (MAS) issued licenses to work to USDC and USDP stabelcoins-Circle and Paxos.
News! Paxos Has Secured Its Major Payments How to Become a Instition License from @mas_sg! This Makes Paxos The First Us-Based Global #blockchain Infrastructure Provider to Receive Approval. We’re The Most Comprehecely Regulated Digital Asset Platform. Learn More: https: // t.CO/6Vorimpfkm
– Paxos (@paxosglobal) november 2, 2022
According to the Circle press release, the company can carry out cross-border and internal translations, as well as offer products related to digital assets.
“This important event allows us to work with all interested parties and demonstrate the potential of digital currencies, open payment systems and innovative regulation of financial technologies to stimulate economic growth and strengthen the positions of Singapore as a global digital asset center,” said Dante Dantre, a member of the CENTRE consortium, Dante Disarte.
The regulator license allows PaxOS to provide payment services and offer their products to companies registered in Singapore.
“We believe that the blockchain and digital assets will revolutionize the finances around the world, but the development of this technology should be carried out under the clear control and protection of consumer rights,” said Paxos Asia Director Rich Theo Theo.
Earlier, MAS issued a permit for the provision of Coinbase payment services, and the exchange and operator of cryptocurrency wallets Blockchain.COM – preliminary approval.
In early October, the Indian ZebPay Indian Exchange was submitted to the License to receive a license to the monetary control of Singapore.
Recall, on October 26, MAS presented two advisory documents in order to reduce the potential damage of consumers from the volatility of the cryptocurrency market.
In August, the head of the Central Bank Ravi Menon announced the regulator’s plans to limit speculation with cryptocurrencies.
Shortly before this, Bloomberg sources reported that MAS sent requests for their activities and assets to companies from the industry.
In June, the authorities promised “cruelly and inexorably” to fight violations in the industry.
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