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Paxos Digital Singapore Pte. Ltd, a subsidiary of the blockchain infrastructure firm Paxos, has been granted approval by the Monetary Authority of Singapore (MAS) to Circle’s application for a license to operate as a “Major Payments Institution” was approved in principle. As a result, Circle will now be able to issue cryptocurrency and November started on a good note for stablecoin issuers Circle as well as Paxos as they were now allowed to veer into Singapore legally. Earlier today, Circle managed SINGAPORE - Novem - Paxos, the leading regulated blockchain & tokenization infrastructure platform, secured in principle approval (IPA) from the Circle and Paxos, the issuers of US dollar-pegged stablecoins, have received in-principle approval from Singapore regulators to operate fully regulated cryptocurrency Back in March, Paxos announced it received an in-principle license approval as a Major Payments Institution from the Monetary Authority of Singapore (MAS). And today it Circle received in-principle approval for a major payments institution license, allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments, while

Circle Paxos Receives Approval to Operate in Singapore: A Major Step for Crypto

Big news for the cryptocurrency world! Both Circle and Paxos, the issuers of US dollar-pegged stablecoins, have received in-principle approval from Singapore regulators to operate fully regulated cryptocurrency businesses in the region. This marks a significant milestone for the adoption and integration of digital assets into the Singaporean financial landscape.

November started on a good note for stablecoin issuers Circle as well as Paxos as they were now allowed to veer into Singapore legally. Earlier today, Circle managed to secure in-principle approval for a major payments institution license, allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments, while Paxos, the leading regulated blockchain & tokenization infrastructure platform, secured in principle approval (IPA) from the Monetary Authority of Singapore (MAS) to operate as a Major Payments Institution.

This approval also impacts Circle. Circle received in-principle approval for a major payments institution license, allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments, while Circle’s application for a license to operate as a “Major Payments Institution” was approved in principle. As a result, Circle will now be able to issue cryptocurrency.

Back in March, Paxos announced it received an in-principle license approval as a Major Payments Institution from the Monetary Authority of Singapore (MAS). And today it became a reality, solidifying Paxos' commitment to compliant and secure digital asset solutions.

Paxos Digital Singapore Pte. Ltd, a subsidiary of the blockchain infrastructure firm Paxos, has been granted approval by the Monetary Authority of Singapore (MAS). This allows Paxos to further expand its services and offerings within Singapore's robust and forward-thinking regulatory framework.

The approvals for both Circle and Paxos signal a positive shift towards embracing blockchain technology and stablecoins in Singapore. These developments are expected to foster innovation, drive economic growth, and further establish Singapore as a leading hub for digital assets in Asia.

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