PAXOS SECURES IN-PRINCIPLE APPROVAL FOR MAJOR PAYMENTS INSTITUTION LICENSE FROM THE MONETARY AUTHORITY OF SINGAPORE
NEW YORK and SINGAPORE , March 10, 2022 /PRNewswire/ — Paxos, the leading regulated blockchain infrastructure platform, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS), a premier financial regulator in Asia-Pacific, to operate digital payments token services under the Payment Services Act 2019. 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.
MAS introduced the Payments Services Act as a framework for financial services companies to safely expand into the digital asset ecosystem, and with its Major Payments Institution License, Paxos is now able to offer its leading 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, underscoring the company’s commitment to operating with transparency and integrity for its customers. The license will also help Paxos to support its current partners in expanding their services into Asia.
MAS’ in-principle 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. This achievement represents the company’s latest efforts to expand its global regulatory stack.
Rich Teo, Co-Founder and CEO, Paxos Asia, commented, “We founded Paxos in Singapore in 2012 because of this jurisdiction’s forward-thinking approach to innovation and oversight. 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.”
About Paxos
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos 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. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
Media Contact:
Becky McClain
bmcclain@paxos.com
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SOURCE Paxos
