🇸🇬 Singapore Accelerates Stablecoin Race In $127 Bln #Crypto Market 📊
Singapore issued an in-principle license to a bunch of stablecoin issuers in the country, on November 16. The significant move came hours after Cryptocurrency brokerage Paxos received initial approval from the Monetary Authority of Singapore (MAS) to issue a U.S. dollar-backed stablecoin, in Singapore.
The move is said to be taken with the vision of fueling peers of Singapore strengthening the stablecoin market in Singapore and making the Asian country a financial hub for a key crypto segment.
Singapore Eyes $127 Billion Crypto Segment
The approval of in-principle licenses to a bunch of stablecoin issuers is a step toward the vision of Singapore, competing in the Asian financial hub, for a key segment of the $127 billion crypto market. Interestingly, the approval came on the sidelines of in-principle approval to Paxos Digital Singapore Pte. Ltd., the latest venture of Paxos, the renowned blockchain and tokenization infrastructure platform, and StraitX with others. The Monetary Authority of Singapore (MAS) approval allowed such firms to introduce a USD-backed stablecoin, aligning with MAS’ stablecoin regulatory framework.
The approval is no less than a boon to other stablecoin issuers in the country, waiting for the legal green signal to move ahead. Paxos not only opened the way for the stablecoin issuers in Singapore but also boosted the current scenario of crypto trading and the stablecoin market, fueling the want to be a hub for stablecoin activities, especially in Asia.
Notably, Singapore, Japan, and Hong Kong are also trying to position themselves as homes for stablecoin activity in Asia.
Desclaimer: Not financial advice.