Circle and Paxos receive regulatory approval from the Monetary Authority of Singapore

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The Monetary Authority of Singapore (MAS) has recently granted permission to Paxos, a blockchain infrastructure platform, and Circle, stablecoin USDC issuer, to offer services in the city-state.

Circle got the permission to offer digital transaction token goods and carry out both national and international transactions in the Asian city-state. According to Circle CSO Dante Disparte, the approval is a “milestone” that will “demonstrate the potential of digital currencies, open payment systems, and innovation-forward fintech regulations.” Additionally, he thinks it would improve Singapore’s efficiency as a major hub for cryptocurrency.

Co-Founder and CEO of Circle, Jeremy Allaire, also commented on the latest regulatory approval by stating that his company always seeks regulatory approval from the countries in SouthEast Asia, referring to it as one of “the world’s leading financial hubs.” Allaire states: 

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“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.”

On the other hand, Rich Teo, co-founder and CEO of Paxos Asia, also reacted to his company’s success to win the regulatory approval in Singapore. He said that Paxos’ efforts in Singapore are consistent with its aspirations for international growth as the company has previously tried to obtain permits, mostly from US regulators. He stated:

“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.”

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Singapore becoming a major hub for cryptocurrency

Singapore is known for its established global financial center, making the nation “Silicon Valley of Asia.” Over the past several months, many companies dealing in digital assets have received approval from the nation’s leading financial authority MAS, allowing London-based crypto exchange Blockchain.com, exchange giant Coinbase, Crypto.com, Genesis, and Sparrow, a platform for trading cryptocurrencies, to provide their services in the region. Moreover, it has also granted permission to SBI Digital Markets Pte. Ltd and many others to expand their crypto service offerings in the city-state.

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