Blockchain infrastructure platform Paxos announces it has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate digital payments token services under the Payment Services Act 2019.
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.”