PAXOS OBTAINS APPROVAL IN PRINCIPLE FOR MAJOR PAYMENTS INSTITUTION LICENSE FROM SINGAPORE MONETARY AUTHORITY
NEW YORK and SINGAPORE , March 10, 2022 /PRNewswire/ — Paxosthe leading regulated blockchain infrastructure platform, announced that it has received approval in principle from the Monetary Authority of Singapore (MAS), a leading financial regulator in Asia Pacificto operate digital payments token services under the Payment Services Act 2019. With this license, Paxos becomes one of the first blockchain service providers to meet the highest regulatory standards in both new York and Singapore.
MAS introduced the Payment Services Act as a framework for financial services companies to safely expand into the digital asset ecosystem, and with its major payment institution license, Paxos is now able to offer its leading digital asset and blockchain products and services to clients domiciled in Singapore. Paxos is one of the first operators of digital assets to obtain this license, underscoring the company’s commitment to operating with transparency and integrity for its customers. The license will also help Paxos help its current partners expand their services to Asia.
MAS’s approval in principle follows Paxos’ success in obtaining the first limited-use trust charter for digital assets from the New York Department of Financial Services in 2015. This achievement represents the latest efforts of the company to extend its global regulatory stack.
Teo richco-founder and CEO of Paxos Asia, said: “We founded Paxos in Singapore in 2012 due to this jurisdiction’s forward-thinking approach to innovation and oversight. Since then, we have distinguished ourselves globally as the most trusted blockchain infrastructure provider as we have relentlessly pursued regulatory oversight. We believe this is the only way for consumers and financial institutions to truly reap the benefits of blockchain and digital assets. We are excited to have MAS as our regulator, and with their oversight, we will be able to safely accelerate consumer adoption of digital assets globally by powering regulated solutions for the world’s largest companies. world. »
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation of a new open financial system that can work faster and more efficiently. Today, billions of dollars are locked away in inefficient and outdated financial plumbing, inaccessible to millions of people. Paxos is reforming the financial system to allow assets to move instantly anywhere in the world, anytime, reliably.
Paxos uses technology to tokenize, hold, exchange and settle assets. He builds enterprise blockchain solutions for institutions such as PayPal, Interactive Brokers, Meta, Mastercard, MercadoLibre, Bank of America, Credit Suisse, Société Générale and Revolut. Paxos is a top-funded fintech company with over $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices at new York, London and SingaporePaxos takes a holistic approach to modernizing the financial system.