{"id":505702,"date":"2022-11-02T09:02:28","date_gmt":"2022-11-02T06:02:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/stablecoin-issuers-circle-and-paxos-gain-approvals-in-singapore\/"},"modified":"2022-11-02T09:02:28","modified_gmt":"2022-11-02T06:02:28","slug":"stablecoin-issuers-circle-and-paxos-gain-approvals-in-singapore","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/stablecoin-issuers-circle-and-paxos-gain-approvals-in-singapore\/","title":{"rendered":"# Stablecoin issuers Circle and Paxos gain approvals in Singapore"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4150d024d8b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4150d024d8b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/stablecoin-issuers-circle-and-paxos-gain-approvals-in-singapore\/#%E2%80%9D_Stablecoin_issuers_Circle_and_Paxos_gain_approvals_in_Singapore_%E2%80%9C\" >&#8221; Stablecoin issuers Circle and Paxos gain approvals in Singapore &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Stablecoin_issuers_Circle_and_Paxos_gain_approvals_in_Singapore_%E2%80%9C\"><\/span>&#8221; Stablecoin issuers Circle and Paxos gain approvals in Singapore &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZjc0NTE1ZjQtMzAwNi00N2JlLWI2YjctNTA1NmY0OGRlODQ1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>Stablecoin issuers Circle and Paxos have each received <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>rovals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state&#8217;s central bank.<\/p>\n<p>Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token services.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.circle.com\/en\/pressroom\/circle-earns-in-principle-regulatory-approval-in-singapore\">Circle<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/paxos.com\/2022\/11\/02\/paxos-secures-major-payments-institution-license-from-monetary-authority-of-singapore\/\">Paxos<\/a> both announced their approvals on Nov. 2, which came a week after the MAS issued two consultation papers on proposals for regulating digital payment token service providers and stablecoin issuers under Singapore\u2019s Payment Services Act (PSA).<\/p>\n<p>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.<\/p>\n<p>Circle, the issuer behind USD Coin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/usd-coin\">(UDSC),<\/a> and Paxos with its Pax Dollar (USDP), both U.S. dollar-pegged stablecoins will now be able to offer their respective stablecoins and other digital payment token products within Singapore.<\/p>\n<p>According to Dante Disparte, Circle&#8217;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.<\/p>\n<p>Co-founder and CEO of Circle Jeremy Allaire added the license \u201cin one of the world\u2019s leading financial hubs\u201d will be \u201cinstrumental to Circle&#8217;s regional and global expansion plans in raising global economic prosperity.\u201d <\/p>\n<p>Paxos Asia CEO Rich Teo was also thrilled with its approval:<\/p>\n<blockquote><p>\u201cWe\u2019re excited to have MAS as our regulator, and with their oversight, we\u2019ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world\u2019s biggest enterprises.&#8221;<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Singapore MAS examines crypto firms ahead of new regulations: Report<\/em><\/strong><\/p>\n<p>While it remains to be seen how many more firms will follow Circle and Paxos\u2019 footsteps, the easing in regulations comes as MAS knocked back over 100 out of 170 applicants in late 2021 under the tighter regime. <\/p>\n<p>MAS took things one step further in mid-2022 following the now saga that stemmed from Singapore-based and bankrupt Three Arrows Capital\u2019s (3AC), with chief fintech Sopnendu Mohanty stating that MAS will be \u201cbrutal and unrelentingly hard\u201d on \u201cbad behavior\u201d from the crypto industry. <\/p>\n<p>Singapore is fighting to take back its perception to be one of the more crypto-friendly countries. However, it continues to tread with caution for retail investors \u2014 with Singapore\u2019s largest bank DBS recently deciding to only expand its crypto trading services to accredited investors who meet strict criteria. <\/p>\n<p>Cointelegraph reached out to Circle and Paxos for comment but did not receive an im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te response. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/stablecoin-issuers-circle-and-paxos-gain-approvals-in-singapore\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Stablecoin issuers Circle and Paxos gain approvals in Singapore &#8220; Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state&#8217;s central bank. Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border&#8230;<\/p>\n","protected":false},"author":1,"featured_media":505703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZjc0NTE1ZjQtMzAwNi00N2JlLWI2YjctNTA1NmY0OGRlODQ1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,75936,76605,75493,82350,74355,117,70934,5012],"class_list":["post-505702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-circle","tag-paxos","tag-stablecoin","tag-usd-coin","tag-adoption","tag-business","tag-regulation","tag-singapore"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=505702"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/505703"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=505702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=505702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=505702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}