Paxos to Launch Stablecoin in Singapore while New York Tightens Crypto Regulations

Written by BTSE

November 16, 2023

Cryptocurrency markets are rebounding impressively, with Bitcoin (BTC) surging towards an 18-month peak, nearly hitting $38,000 after a dramatic dip to $35,000 on Tuesday. Ethereum (ETH) is also on the rise, gaining over 3% and reclaiming the $2,000 mark, having fallen close to $1,900 the previous day. Notably, Layer 1 blockchain tokens like Solana (SOL) and Avalanche (AVAX) are leading the altcoin rally, with remarkable surges of 18% and 23% respectively. 


Paxos to Launch New U.S. Dollar-Backed Token in Singapore: Paxos is stepping up its game in the stablecoin arena with plans to launch a new U.S. dollar-backed token in Singapore. Having secured preliminary licensing from the Monetary Authority of Singapore, Paxos is poised to offer digital payment token services, further expanding its global footprint. With the stablecoin market projected to balloon from $125 billion to a staggering $2.8 trillion in the next five years, Paxos aims to capitalize on the growing demand for reliable digital dollar access. Could this be the next big step for stablecoins?

NYDFS Tightens Crypto Listing and Delisting Regulations: The New York State Department of Financial Services (NYDFS) is fortifying its stance on cryptocurrency oversight, introducing stricter guidelines for crypto listings and de-listings. This move, emphasizing consumer protection and market stability, mandates crypto companies to align their listing policies with more rigorous risk assessment criteria. Transparency and orderly de-listing processes are now pivotal. Could these New York regulations affect the global crypto market?

Commerzbank AG Secures German Crypto Custody License: Germany’s Commerzbank AG marks a significant milestone by obtaining a crypto custody license, positioning itself as the first full-service bank in the country to venture into digital asset services. Amidst stringent regulatory landscapes, Commerzbank’s breakthrough could pave the way for more traditional financial institutions to explore digital asset offerings. Could this be the start of a new era for cryptocurrency in Germany?


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