On November 15, Paxos, a blockchain-based fintech firm, received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its newly established entity, Paxos Digital Singapore Pte. Ltd.
The in-principle approval, granted under the MAS’ Payments Services Act (PSA), allows Paxos Digital Singapore Pte. Ltd. to offer digital payment token services and prepare for issuing USD-backed stablecoins in Singapore.