Stablecoin Issuers Circle and Paxos have been granted licenses to operate by the Monetary Authority of Singapore (MAS). The country also recently granted Coinbase a license.
Regulators in Singapore have granted stablecoin issuers Circle and Paxos approval to operate in the country, according to press releases by the two entities.
The Monetary Authority of Singapore (MAS) approved Circle, issuer of USDC, and Paxos, issuer of Pax Dollar, operations in the country. It is a step forward for both the crypto exchanges, which are keen on complying with regulation.
Circle said that it had received In-Principle Approval from the MAS, allowing it to “offer digital payment token products, cross-border and domestic transfer services in the city-state.”
Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy, was quoted as saying that it would strengthen Singapore’s position as a global hub for crypto.
Paxos said the same, adding that the approval would allow it to support partners and expand further into Asia. Rich Teo, Co-Founder, and CEO, of Paxos Asia, believes that the company would accelerate adoption in partnership with the world’s biggest enterprises.
It is a strong indication that Singapore is working on making the country a thriving region for crypto. It is already popular in this regard, though in recent times the MAS has been focused on regulations.
Singapore Granting Licenses to Exchanges
Despite the greater scrutiny on the market, Singapore’s authorities have been granting more licenses to crypto exchanges. The most significant of these was Coinbase gaining a license to operate in the country. The exchange is one of the biggest in the world but is keen on expanding into the lucrative Asian market.
Blockchain.com also received a license in Singapore in Oct. Indian exchange Zebpay, originally based in India, also applied for a license. It shifted its attention after the Indian government imposed heavy taxes.
It appears that Singapore is allowing the crypto market to flourish with the intention to boost the economy and promote Web3 development. The “Lion City” has conducted several initiatives in this regard, and it is clear that the country is willing to allow the market to flourish under regulations.
Singapore Looks Keen on Attracting Web3 Talent
In an effort to focus on Web3, the DBS bank partnered with The Sandbox to enter the metaverse. The niche has become wildly popular in Asia, with cities and companies alike going after it. Singapore also hosted the Metaverse Expo in Oct., which saw strong participation.
Additionally, an official from the law ministry has said that legal services may one day be offered in the metaverse. These include marriage proceedings, court case disputes, and government services. Such indicate that Singapore is keen on leveraging the technology early.
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