The Monetary Authority of Singapore (MAS), a leading financial regulator in Asia-Pacific, has given in-principle clearance to the leading regulated blockchain infrastructure platform to run digital payments token services under the Payment Services Act 2019. With this licence, Paxos becomes one of the first blockchain service providers in both New York and Singapore to achieve the highest regulatory standards.
The Payments Services Act was enacted by the Monetary Authority of Singapore (MAS) to provide a framework for financial services companies to safely expand into the digital asset ecosystem, and Paxos now has a Major Payments Institution License, allowing it to offer its leading digital asset and blockchain products and services to customers in Singapore. Paxos was one of the first digital asset operators to obtain this licence, demonstrating the company’s commitment to operating in a transparent and ethical manner for its consumers. Paxos will also be able to assist its current partners in growing their services into Asia thanks to the license.
Following Paxos’ 2015 accomplishment in obtaining the first limited purpose Trust charter for digital assets from the New York Department of Financial Services, MAS has given its approval in principle. This accomplishment reflects the company’s most recent efforts to broaden its global regulatory stack.
Paxos Asia’s Co-Founder and CEO, Rich Teo, said, “Paxos was created in Singapore in 2012 as a result of the country’s forward-thinking attitude to innovation and regulation. Because we’ve continuously pursued regulatory supervision since then, we’ve established ourselves as the most trusted blockchain infrastructure supplier in the world. It is, in our opinion, the only way for consumers and financial institutions to genuinely profit from blockchain and digital assets. We’re thrilled to have MAS as our regulator, and with their guidance, we’ll be able to safely drive consumer adoption of digital assets around the world by enabling regulated solutions for the world’s largest corporations.”
For those who don’t know, Paxos is the most well-known and well-regulated blockchain infrastructure platform. Its products serve as the foundation for a new, open financial system that is more efficient and speedier. Currently, trillions of funds are locked up in inefficient, out-of-date financial infrastructure that millions of people cannot access. Paxos is re-platforming the financial system to allow assets to travel instantly and securely anywhere in the world, at any time.