Paxos Gets Nod to Operate Digital Payments Token Services in Singapore
It is a positive sign for Paxos as it means that the blockchain company is a compliant business and MAS is supportive to it.
Paxos, a New York-based financial institution and technology company, specializing in blockchain, announced on Thursday that it obtained approval from the Monetary Authority of Singapore (MAS), the Central Bank of Singapore, to offer digital payments token services in the country.
Paxos was given the green light under Singapore’s Payments Services Act. MAS introduced the Payments Services Act in 2019, which serves as a framework to help financial services firms safely expand into the digital asset ecosystem within the jurisdiction.
With this license, Paxos can now offer its digital asset and blockchain products and services to customers living in Singapore. The license will also help Paxos support its current partners to expand their services into Asia.
Getting a cryptocurrency license from the MAS is not an easy task as the regulator has already turned down more than 100 applicants.
Rich Teo, Co-Founder and CEO, Paxos Asia, talked about the development and said: “We’re not the very first, but I think if there is a preference, it comes down to regulatory compliance being part of our DNA. We’re excited to have MAS as our regulator. 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.”
Taking a Global Approach to Modernize the Financial System
Paxos is a regulated blockchain infrastructure platform headquartered in New York, with offices in London and Singapore. In April 2019, Paxos was the first Bitcoin exchange to be licensed by the New York State Department of Financial Services (NYDFS), granting the firm the ability to be the custodian and exchange for customers in the U.S.
Today, trillions of dollars are still locked in outdated and inefficient financial plumbing inaccessible to millions of people. Paxos is developing a new system that enables businesses to move financial assets instantaneously, anywhere in the world, at any time.
Paxos offers blockchain technology services that enable businesses to tokenize, custody, trade and settle assets for their customers.
In April last year, Paxos raised $300 million Series D funding to build a cryptocurrency infrastructure platform. The firm has been developing infrastructure and white-label services for businesses that want to provide crypto products to their own customers.
Some of the global enterprise businesses that use Paxos’ blockchain products include PayPal, Credit Suisse, Societe Generale, StoneX, Revolut.
Image source: Shutterstock
