The officials at two major stablecoin issuers have made major announcements for the entire crypto-verse. Paxos and Circle, two major issuers of stablecoins have announced they have regulatory approval in Singapore.
Paxos and Circle Gain Regulatory Approvals
As per the officials from Paxos and Circle, they have now operating licenses in Singapore. The Monetary Authority of Singapore (MAS) has reportedly approved the applications for approval.
The Monetary Authority of Singapore exists as the central bank of Singapore. The firms have revealed that they have received different kinds of licenses from the MAS.
Both firms intend to operate and offer different facilities to the locals in Singapore.
License Acquired by Paxos
Paxos has revealed that the license they have received is for the offering of digital tokens. They will be offering the locals the opportunity of making payments using digital tokens.
Going forward, they will keep on adding more facilities and utilities for the locals in Singapore.
License Acquired by Circle
On the other hand, Circle has acquired a major institution license pertaining to payments. With the license, Circle would be able to focus on facilitating individuals and businesses with crypto payments.
The payments services Circle aims to offer to include cross-border payments and domestic payments. Most importantly, Circle aims to issue new cryptocurrencies for the benefit of the Singaporean locals.
Announcements Made on November 2
The officials at both companies made the announcements about the acquisitions of the licenses on November 2. It is a very promising opportunity for both companies to acquire legal approvals in the country.
Both companies have so much to offer to the locals in Singapore. Through their operations, the users in Singapore would be able to process transactions in cryptocurrencies.
They would have the freedom of making domestic and international transactions using cryptocurrencies. The people in Singapore would have access to new cryptocurrencies issued by Circle and Paxos as well.
Singapore is Growing Crypto-Friendly
In recent years, Singapore had grown very strict towards cryptocurrencies and their adoption. Things were not as bright for the future of cryptocurrencies in Singapore as they were in the past.
Singapore had made a name in the crypto world being one of the friendliest countries towards cryptocurrencies. However, the country continued to tighten its grip on the cryptocurrency industry.
After a while, the country decided to bring changes and it has again adopted the same ‘friendly’ behavior towards cryptocurrencies.
It was a few days back when two consultation papers were issued by the MAS that proposed a friendly approach towards cryptocurrencies.
The amendments were to be made to the Payment Services Act (PSA) of Singapore and define cryptocurrencies as an entity in the country.