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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.
Also Read: Philippines Initiates $179 Mln Tokenized Treasury Bonds Revolutionizing Digital Finance
Asian Countries’ Efforts to Be Financial Hub Of Stablecoin
Singapore, Japan, and Hong Kong are recently making headlines for their constant efforts to upgrade themselves, their regulatory policies, and partnerships to strengthen in crypto industry. In Japan, banking giant Mitsubishi UFJ Financial Group Inc., said earlier this year that it was in talks with companies behind popular global stablecoins as well as other firms about issuing such tokens.
Similarly, Hong Kong is also in talks to make crypto trading, stablecoin, and related work smooth for the population eyeing the revolutionized financial market with digital assets. Notably, stablecoin rules are due by 2023-2024 in Hong Kong, which for the past year has been striving to develop a digital-asset hub.
The growth of crypto in Asian countries is contradicting the slowdown development of crypto and stablecoin in the U.S., especially after the biggest bankruptcy of FTX.
Also Read: Binance and Gulf Energy’s Crypto Exchange Reshapes Thailand’s Crypto Frontier
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