A new USD-backed token will be launched in Singapore to comply with the country’s forthcoming stablecoin regulations. The token will be issued by a newly established Paxos entity that has received preliminary approval. This move aligns with Singapore’s efforts to regulate the stablecoin industry and ensure compliance with relevant laws and regulations. By launching the token through a local entity, Paxos aims to establish a strong presence in the Singaporean market and leverage the country’s supportive regulatory environment. The issuance of this token will provide users with a stable and reliable digital currency option in Singapore.
HomeDIGITAL ASSETS REGULATORYworldwide-stablecoinPaxos to issue USD stablecoin in Singapore, wins initial approval