Paxos, Circle get MAS nod for crypto services in S’pore
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Paxos plans to add at least 130 hires in Singapore over the next three years, while Circle said it continues hiring here to service its growing regional business.
PHOTO: REUTERS
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SINGAPORE - Blockchain infrastructure platform Paxos said its unit received a central bank licence to offer digital-token payment services in Singapore, and told Bloomberg it plans to add at least 130 hires here over the next three years.
Meanwhile, peer-to-peer payment firm Circle Internet Financial said it has obtained an in-principle approval from the Monetary Authority of Singapore (MAS) as a major payments institution. This allows it to offer digital payment token products, cross-border and domestic transfers services.
Both announcements came on the first day of the Singapore Fintech Festival, which ends on Nov 4.
Circle, the issuer of stablecoins USD Coin (USDC) and Euro Coin (EUROC), previously identified Singapore as its principal hub in Asia and said it continues hiring here to service its growing regional business.
Paxos also operates its own stablecoin, USDP, and the BUSD with Binance, the world’s largest crypto exchange. Its co-founder Rich Teo told Bloomberg that Singapore will be its hub for growth outside the United States. He said up to 180 people could be brought on over the 36-month period. Paxos’ current headcount in Singapore is 20 and 350 globally.
Circle’s chief strategy officer and global head of public policy, Mr Dante Disparte, said: “This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets.”
