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Singapore Greenlights Fintech to Issue Own Digital Dollars
StraitsX gets approval to offer Singapore and US dollar-pegged stablecoins under new regulatory framework
Anuj Kumar Verma
November 20, 2023
Singapore fintech StraitsX gets approval to offer Singapore and US dollar-pegged stablecoins under a new regulatory framework, allowing it to provide compliant digital payment services and expand the city-state's regulated crypto options.
Boosting The Digital Asset Ecosystem
StraitsX, a Singapore-based digital assets platform, has received in-principle approval for a significant payment institution license from the Monetary Authority of Singapore (MAS).
The license allows StraitsX to offer regulated digital payment token services, including stablecoins pegged to the Singapore dollar (XSGD) and US dollar (XUSD).
StraitsX is part of the Fintech firm Xfers. It launched XSGD in 2020, with over 7.7 billion tokens transacted.
Enhancing Financial Landscape
The company said currency-backed stablecoins are a reliable medium for domestic and cross-border payments.
Singapore is implementing a regulatory framework for stablecoin issuers this year. The MAS license will allow StraitsX to operate compliant stablecoin services.
Expanding Singapore's Digital Asset Options
The approval represents a milestone for StraitsX as a regulated digital assets platform in Singapore's evolving crypto landscape.
StraitsX plans to launch XUSD once Singapore's stablecoin regulations take effect. The license reaffirms the company's standing as a credible player.
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