Monetary Authority of Singapore (MAS), the city-state’s central bank, granted approvals to Stablecoin issuers Circle and Paxos each for their respective licenses.
After the approvals, Circle is allowed it to issue cryptocurrencies and facilitate domestic and cross-border payments after receiving Major Payments Institution License and Paxos is allowed to offer digital payment token services.
Dante Disparte, Circle’s Chief Strategy Officer is of the view that its approval is set to open up greater potential for cryptocurrencies and open payment systems to drive economic growth in Singapore in a more innovative-friendly regulatory framework.
It is to be noted that Singapore’s largest bank, had recently widened access to a crypto trading service on its members only digital exchange. The step comes as the bank’s clients were increasingly choosing self investment routes.
