Paxos International, a blockchain and tokenization platform, has obtained full regulatory approval from the Monetary Authority of Singapore (MAS). The Singapore branch of Paxos, known for issuing the gold-backed stablecoin Pax Gold (PAXG), can now provide digital payment token services as a Major Payments Institution. This approval allows Paxos to introduce a stablecoin in compliance with MAS regulations, making Singapore the third market, after the US and UAE, where Paxos entities are authorized to issue stablecoins. DBS, the largest bank in Southeast Asia, will serve as Paxos' primary banking partner, handling cash management and custody of stablecoin reserves. The regulatory green light in Singapore is a significant milestone in Paxos' global expansion strategy, following the recent launch of the interest-bearing stablecoin Lift Dollar (USDL) in Abu Dhabi. Paxos, based in New York, also issues other regulated stablecoins like PayPal USD (PYUSD) and Pax Gold (PAXG). Read more AI-generated news on: https://app.chaingpt.org/news