Singapore’s largest bank has joined forces with a prominent stablecoin issuer to introduce a cutting-edge cryptocurrency custody service.
As per the latest report from Bloomberg, DBS Group Holdings has collaborated with Paxos Trust Co. to launch a new crypto custody service. Paxos, in a press release, revealed that it has received approval from the Monetary Authority of Singapore (MAS) to offer a digital token payment service in partnership with DBS.
Paxos highlighted that Singapore is the third market where the company has obtained approval to issue stablecoins, following the United Arab Emirates and the US. Walter Hessert, Paxos’ head of strategy, commented on the collaboration, emphasizing the importance of regulatory compliance in promoting access to commerce and financial services. He mentioned that approval from MAS is a significant milestone for Paxos, enabling them to provide access to US dollars to more users worldwide in a secure manner.
Evy Theunis, head of digital assets at DBS Bank, expressed support for Paxos’ venture in Singapore. She stressed the significance of trust and security in fostering broader adoption of stablecoins. The partnership with Paxos aligns with DBS’ commitment to upholding robust regulatory standards and offering solutions that meet the expectations of regulators and customers. This collaboration further solidifies DBS’ position as a pioneer and innovator in the digital asset ecosystem.
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