Paxos, a regulated blockchain infrastructure platform, has received approval from the Monetary Authority of Singapore (MAS) to operate digital payments token services.
With this license, Paxos becomes one of the first blockchain services providers to meet the highest standard of regulation in both New York and Singapore.
The in-principle approval is in compliance with the Payment Services Act of 2019, a framework created by MAS for financial services companies to safely expand into the digital asset ecosystem. With its Major Payments Institution License, Paxos can now offer its digital asset and blockchain products and services to customers domiciled in Singapore. Paxos is one of the earliest digital asset operators to secure this licensing.
The approval follows Paxos’ success in securing the first limited purpose Trust charter for digital assets from the New York Department of Financial Services in 2015.
“We founded Paxos in Singapore in 2012 because of this jurisdiction’s forward-thinking approach to innovation and oversight,” Rich Teo, co-founder and CEO of Paxos Asia, said. “Since then, we’ve distinguished ourselves globally as the most trusted blockchain infrastructure provider because we’ve relentlessly pursued regulatory oversight. We believe it’s the only way for consumers and financial institutions alike to truly experience the benefits of the blockchain and digital assets. 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 by powering regulated solutions for the world’s biggest enterprises.”
Paxos is the leading regulated blockchain infrastructure platform. It uses technology to tokenize, custody, trade, and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Meta, Mastercard, MercadoLibre, Bank of America, Credit Suisse, Societe Generale, and Revolut.