Two major stablecoin issuers have been granted licenses to offer their products to investors in Singapore, which comes after months of hard-enforced regulation.
on proposals for regulating digital payment token service providers and stablecoin issuers under Singapore’s Payment Services Act .
The PSA was passed by the Singapore Parliament in 2019, which purports to regulate payment systems and authorizes MAS to oversee the conduct of payment service providers.and Paxos with its Pax Dollar , both U.S. dollar-pegged stablecoins will now be able to offer their respective stablecoins and other digital payment token products within Singapore.
According to Dante Disparte, Circle's Chief Strategy Officer and Global Head of Public Polic, its approval is set to open up greater potential for cryptocurrencies and open payment systems to drive economic growth in Singapore under the more innovative-friendly regulatory framework. Co-founder and CEO of Circle Jeremy Allaire added the license “in one of the world’s leading financial hubs” will be “instrumental to Circle's regional and global expansion plans in raising global economic prosperity.”“We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.
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