Stablecoin issuers Circle and Paxos have each managed to snatch greenlights for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state’s central bank.

Specifically, Circle obtained the in-principle go-ahead for a high-profile payments institution license, offering it the regulatory clearance for the issuance of crypto, as well as supporting domestic and cross-border payments, while Paxos received its license to offer digital payment token services.

Circle and Paxos both disclosed details of their go-aheads on Nov. 2, which came a week following the MAS issued two consultation papers on proposals for regulating digital payment token service providers and stablecoin issuers under Singapore’s Payment Services Act (PSA).

The PSA was passed by the Singapore Parliament three years ago, which purports the regulation of payment networks and offers authorization for MAS to keep an oversight on the conduct of payment service providers.

Circle, the entity developed USD Coin (UDSC), and Paxos with its Pax Dollar (USDP), both United States dollar-pegged stablecoins, will now have the regulatory freedom to provide their respective stablecoins and other digital payment token products across the Singapore soil.

Per Dante Disparte, Circle’s chief strategy officer and global head of public policy, the freshly secured greenlight is set to help it tap into greater possibilities for cryptocurrencies, along with opening payment systems to amplify economic development in the nation, under the more innovative-friendly regulatory framework.

Co-founder and CEO of Circle, Jeremy Allaire, additionally remarked that the license “in one of the world’s leading financial hubs” will be “instrumental to Circle’s regional and global expansion plans in raising global economic prosperity.”

“We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.” The current Head of Paxos Asia Rich Teo further shared his excitement for the greenlight.