Paxos Secures Regulatory Approval from Authorities in Singapore

Paxos Secures Regulatory Approval from Authorities in Singapore

The blockchain infrastructure platform has secured institutional licensing from the regulatory authorities in Singapore.

According to an official report by Paxos, Singapore’s Monetary Authority (MAS) has approved the blockchain platform "to operate digital payments token services under the Payment Services Act 2019."

The decision by the regulatory authority in Singapore makes Paxos amongst only a few crypto-based companies that have met one of the most stringent regulatory measures in Singapore and New York. With the recent approval by the government authorities in Singapore, Paxos will be allowed to offer its financial services like custodial and settlement solutions within the country, and expand its presence in East Asia.

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The CEO of Paxos Asia Rich Teo spoke on the approval given by the Monetary Authority of Singapore, stating:

"…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 has been operating since 2012 and has focused on blockchain technologies. The platform offers a variety of crypto services including digital asset tokenization, settlement, and brokerage. Just last year, the company renamed its stablecoin from PAX to USDP, also known as the Pax Dollar.

Since its launch, the New-York based blockchain infrastructure company has raised $540M worth of investments and made several partnerships with large financial institutions over the years including Meta (Novi Wallet), Paypal, Mastercard, Revolut, etc.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree