The Monetary Authority of Singapore (MAS) has issued operating licenses to USDC and USDP stablcoin issuers Circle and Paxos.
According to Circle’s press release, the company can make cross-border and domestic transfers, as well as offer digital asset-related products.
Centre Consortium board member Dante Disparte has said:
“This important development allows us to work with all stakeholders and demonstrate the potential of digital currencies, open payment systems and innovative financial technology regulation to drive economic growth and strengthen Singapore’s position as a global hub for digital assets.”
The regulator’s license allows Paxos to provide payment services and offer its products to companies registered in Singapore.
Paxos Asia CEO Rich Teo has commented:
“We believe blockchain and digital assets will revolutionize finance around the world, but the development of this technology must be done under clear controls and consumer protection.”
