On November 2, the Monetary Authority of Singapore (MAS) approved the license of Paxos and Circle under normal circumstances.

Paxos is the issuer of Paxos Standard (USDP), and both are the co issuers of Binance Dollars (BUSD). On the other hand, Circle is famous for publishing US Dollars (USDC) and European Dollars (EUROC).

approval

According to the approval of MAS, Paxos became the first American blockchain technology approved by Singapore. Paxos' new license will allow all blockchain products and services to be offered in the host country. It will also lead Paxos to support its current partners' efforts to expand in China.

Circle's approval under normal circumstances has already been granted to its special level, including digital payment token products and cross-border e-commerce and domestic transfer services in Singapore. Jeremy Allaire, the founder of Circle, called the host country "an international financial center with leading technology" and added that the host country is particularly important in the circle expansion plan.

Singapore

Over the years, Singapore has been known for its pro crypto mentality. However, the recent winter sales market has affected Singapore's stance on cryptocurrency lending. Especially after Singapore's 3AC crashed, MAS clearly expressed anxiety about the possible intentional theme activities in the encryption industry.

In June, Sopnendu Mohanty, the top financial technology officer of MAS, said:

"We can't tolerate all kinds of bad behaviors in the sales market. When someone does something wrong, we will also be ruthless. We are scolded as unfriendly by many cryptocurrencies."

Since then, MAS has made efforts to tighten its encryption policies and regulations, and carefully considered its friendliness. In August, a county said that it would introduce a new management and control structure to better maintain stock investors.

In October, MAS issued two regulations on encryption. The new graduation thesis was prepared according to the position of "inherent foreign exchange speculation and high risk" of crypto property, and introduced a series of countermeasures to limit the activities of digital payment token services and stable currency publishers.