Digital asset company Paxos received Monetary Authority of Singapore approval to offer digital payment token services, enabling it to issue stablecoins.
DBS will be the company's banking partner for cash management and the custody of its stablecoin reserves.

Digital asset company Paxos said it received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country, the company's third jurisdiction.

In a Monday statement, the issuer, whose products include PayPal USD (PYUSD) as well as its own Pax Dollar (USDP), also said DBS, the state's biggest bank, will be its primary banking partner for cash management and the custody of its stablecoin reserves.

Last year, Singapore released a stablecoin framework requiring issuers to meet certain stability and redemption requirements. The New York-based company is also authorized in New York and the United Arab Emirates.

Regulations Paxos Stablecoins Singapore DBS

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.