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Paxos gets green light from Singapore regulator for USD stablecoinPaxos, a regulated crypto infrastructure company, has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its new subsidiary, Paxos Digital Singapore Pte. Ltd.The company outlined in a press release that it published on Thursday that the new entity will be able to offer digital payment token services and issue a USD-backed stablecoin in compliance with Singapore’s upcoming stablecoin laws. Stablecoins are digital tokens that are pegged to the value of fiat currencies or other assets and are designed to minimize price volatility.Photo by Carlos Alberto Gómez Iñiguez on UnsplashRegulatory framework for stablecoinsThe MAS moved to finalize its regulation of stablecoins within the city-state in August. That regulation insists on stablecoin issuers holding reserve backing for a stablecoin in low risk, highly liquid assets. The regulator also puts an onus on the issuer to provide appropriate disclosures including audit results and to process redemption requests within five business days.According to Paxos, there is a strong global demand for the U.S. dollar, but it remains challenging for consumers outside the U.S. to access dollars securely, reliably and under regulatory protections. The in-principle approval from the MAS will enable Paxos to bring its regulated platform to more users around the world.The recently finalized stablecoin regulatory framework will apply to non-bank issued tokens that are linked to the Singapore dollar or G10 currencies, such as the euro, British pound and U.S. dollar. Additionally, it applies to stablecoins whose circulation exceeds five million Singapore dollars ($3.7 million). The framework aims to ensure that stablecoins are subject to appropriate governance, risk management, disclosure and consumer protection standards.Partnering with enterprise clientsPaxos said that once it receives full approval from the MAS, it will be able to partner with enterprise clients to issue the USD stablecoin in Singapore. Paxos already has experience in issuing stablecoins, such as the Paxos Standard (PAX) and the PayPal USD Coin (PYUSD), which are both backed by the U.S. dollar and cash equivalents. Paxos also issues monthly attestations and reserve reports to verify its compliance and transparency.Responding to this latest development, Paxos Head of Strategy, Walter Hessert, stated:“Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably and under regulatory protections. This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world. Because Paxos upholds the highest standards of compliance and oversight, global enterprises partner with us to power stablecoin solutions that drive their businesses and respond to their customers’ needs.”Paxos previously issued the Binance USD (BUSD) stablecoin, but was ordered by the New York Department of Financial Services (NYDFS) to stop issuing the token after the agency declared the stablecoin an unregistered security.The partnership between Paxos and the MAS is a significant step in bridging the gap between traditional finance and the emerging crypto industry. As more institutional clients seek exposure to digital assets, it becomes essential to provide them with secure and reliable solutions that meet their specific requirements.

DBS Introduces Metaverse Game to Tackle Global Food WasteDBS, Singapore’s largest bank, has unveiled an innovative concept within the metaverse for its DBS BetterWorld initiative, focusing on the critical issue of global food waste.In a press release which it published on Thursday, the bank revealed that this “gamified adventure” is designed to showcase the strategies that Businesses for Impact are employing to tackle the ever-pressing global food waste challenge. Businesses for Impact are an initiative driven by the DBS Foundation that champions for-profit enterprises that promote innovative solutions to effect positive environmental or social change.Photo by Joshua Hoehne on UnsplashTackling a global issueData from the United Nations suggests that a staggering 1.3 billion tons of food, equivalent to one-third of the world’s total food production, goes to waste each year. Within this conceptual metaverse, players are tasked with a series of engaging activities inspired by five businesses supported by the DBS Foundation. These entities offer unique approaches to curbing food waste.Project collaborationSingapore-headquartered brewery business Brewerkz is focused on up-cycling brewers’ spent grains as part of the project. Breer, a Hong Kong startup transforming surplus bread into craft beer is also participating. The project also sees participation from another Hong Kong-based business, GreenPrice, which specializes in selling food close to or just past their best-before dates.Edible Garden City, a start-up that aims to make urban farming and edible gardening more accessible in cities, and Rooftop Republic, which converts underutilized spaces into urban farms, complete the list of five “Businesses for Impact” relative to this particular project.Metaverse ESG potentialKaren Ngui, Head of Group Strategic Marketing and Communications at DBS and a board member of DBS Foundation, emphasized the metaverse’s potential to enhance awareness and address crucial Environmental, Social, and Governance (ESG) concerns.Ngui remarked: “With DBS BetterWorld, we have chosen to delve into the challenges of food waste and food resilience, issues that DBS and the DBS Foundation have been championing, in a unique and engaging way.” She added that as metaverse technologies mature, they aspire to bridge virtual initiatives with tangible real-world impacts.Players based in Singapore will be rewarded with exclusive incentives that can be redeemed through special QR codes accessible via DBS PayLah!. This integration of real-world rewards into the metaverse experience adds a new layer of interaction and excitement for participants.Embracing the metaverseThis is not DBS’ first foray into the metaverse. It has collaborated with The Sandbox metaverse platform previously, participating in its Lion City initiative, a virtual metaverse neighborhood modeled on Singapore. Work on BetterWorld has been ongoing in conjunction with The Sandbox development team since last year.DBS’ creative endeavor within the metaverse not only sheds light on the urgent issue of global food waste but also demonstrates how technology and gaming can be harnessed to educate, raise awareness, and drive positive real-world change.As the metaverse continues to evolve, DBS’ initiative will likely serve to inspire other institutions to leverage the metaverse for various initiatives with the objective of achieving real-world impact.

Bitstamp Raises Funds to Enable Asian Market ExpansionBitstamp, one of the world’s oldest cryptocurrency exchanges, is embarking on an ambitious endeavor to expand its services within the Asian market through a fresh funding round.Bloomberg reported on Monday that the firm’s CEO Jean-Baptiste Graftieaux, stated that “our current and exclusive priority is to raise money through strategic investors to accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”Photo by Markus Winkler on UnsplashDerivatives trading and Asian expansionIn accomplishing the funding round, the company is being guided by Mike Novogratz of Galaxy Digital Holdings. Bitstamp initiated its fundraising efforts in late June. The objective behind these efforts is to secure the capital required for launching derivatives trading in Europe by 2024 and to extend the platform’s reach across various markets in Asia. Moreover, Bitstamp has its sights set on fortifying its presence in the United Kingdom, seeking to establish a more robust footing there.Bitstamp’s current endeavors to amplify its operational scale are aligned with the company’s broader ambitions announced in 2018. This was the year when the firm was acquired by NXMH, a South Korean-backed entity.Not for saleBack then, Nejc Kodrič, one of Bitstamp’s co-founders, asserted that the intention was not to sell the company or actively seek investment. Nevertheless, the acquisition was realized, and Kodrič opted to cash out a majority of his Bitstamp stock while retaining a 10% stake and continuing as the CEO.Graftieaux was emphatic in clarifying Bitstamp’s intentions, stating that the company is not actively seeking to be acquired or to sell itself. This news arrives just a few months after Ripple acquired a minority stake in Bitstamp during the first quarter of 2023. Galaxy Digital played an instrumental role as an adviser throughout that transaction, which was publicly disclosed in late May.Coinciding with this news, Bitstamp has unveiled some trading restrictions for its US user base. Effective from August 29, the exchange will temporarily halt trading for tokens such as Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL).This pause in trading activities has been attributed to “recent market developments,” with assurances that the ability to hold and withdraw these tokens will remain unaffected. All of the projects behind the tokens that Bitstamp is planning to halt the trading of have been named by the US Securities and Exchange Commission (SEC) as unregistered securities in its lawsuit against Coinbase.Slovenian rootsHaving originated in Slovenia in 2011, Bitstamp gradually evolved into a prominent force in the cryptocurrency trading landscape. Once an alternative to the then-dominant Bitcoin exchange, Mt. Gox, Bitstamp’s reach and influence have grown substantially. It currently stands as one of the world’s largest crypto exchanges, boasting a trading volume of approximately $127 million over a recent 24-hour period, according to data published by crypto data aggregator CoinGecko.The developments at Bitstamp demonstrate that the firm continues to refine its global strategy, extending its services and product offerings to various markets globally.