The Monetary Authority of Singapore (MAS) has approved the application filed by crypto exchange Paxos to conduct activities in the country.
According to the announcement, the decision to give the green light to the company’s operations in Singapore was taken by all regulatory authorities unanimously.
It is worth mentioning that Paxos, which was founded in 2012, has managed to develop a considerable number of crypto projects that are popular until today, including Paxos Standard (PAX), Binance USD (BUSD), PAX Gold (PAXG) and Pax Dollar (USDP).
According to the official statement, the license will allow Paxos to provide local companies with services in the field of digital assets and distributed ledger technology, in accordance with the “Payment Services Law.”
Among other things, this expansion will bring benefits not only to the issuer of stablecoins, but also to its partners abroad. So, in the near future, Paxos partner firms will be able to start using the company as an intermediary to expand their own services in Asia.