USDC and USDP issuers obtain licences to operate in Singapore

The Monetary Authority of Singapore (MAS) has issued licences to operate for stablecoin issuers USDC and USDP — Circle and Paxos.

News! Paxos has secured its Major Payments Institution license from @MAS_sg! This makes Paxos the first US-based global #blockchain infrastructure provider to receive approval. We’re the most comprehensively regulated digital asset platform. Learn more: https://t.co/6vorIMpFkm

— Paxos (@PaxosGlobal) November 2, 2022

According to Circle’s press release, the company can conduct cross-border and domestic transfers, as well as offer crypto-related products.

“This important event allows us to work with all stakeholders and demonstrate the potential of digital currencies, open payment systems and innovative fintech regulation to spur economic growth and strengthen Singapore’s position as a global hub for digital assets,” said Dante Disparte, a member of the board of directors of the Centre consortium.

The regulator’s licence enables Paxos to provide payment services and offer its products to Singapore-registered companies.

“We believe that blockchain and digital assets will revolutionize finance worldwide, but the development of this technology must be conducted under clear oversight and consumer-protection safeguards,” said Rich Teo, CEO of Paxos Asia.

MAS issued permission to provide payment services Coinbase, and preliminary approval to the exchange and wallet operator Blockchain.com.

In early October, an application for a licence with the Monetary Authority of Singapore was filed by the Indian exchange Zebpay.

On 26 October, MAS published two advisory documents aimed at reducing potential consumer harm from the volatility of the crypto market.

In August, MAS chief Ravi Menon said that the regulator planned to curb crypto speculation.

Soon before that, Bloomberg sources reported that MAS sent inquiries to industry players about their activities and assets.

In June, authorities promised to fight violations in the sector hard and relentlessly.

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