Paxos, a cryptocurrency trading and custody platform, announced on Thursday that it had received primary approval from the Monetary Authority of Singapore (MAS) for a license under the Payment Services Act 2019. .
This new MAS license will enable Paxos to offer its digital asset and blockchain products and services to Singapore-based clients. Additionally, it will help the blockchain company support its partners in expanding services into Asian markets.
“We are thrilled to have MAS as our regulator, and with their oversight, we will be able to safely accelerate consumer adoption of digital assets globally by powering regulated solutions for the largest enterprises. of the world,” said Rich Teo, Paxos Asia’s Co-Founder and CEO.
Reserve licenses
Based in New York, Paxos has had a presence in Singapore since 2012. The company pursues a strategy of seeking regulatory licensing in strategic jurisdictions to strengthen its services.
Additionally, Paxos pointed out that it has become the first blockchain service provider to obtain licenses in New York and Singapore. Indeed, it was among the first crypto companies to obtain a license from the New York Department of Financial Services, which is considered one of the most difficult crypto licenses to obtain.
Additionally, the company holds a limited-use federal trust charter from the US regulator, making it one of the very few crypto banks in the country.
The MAS approval process itself is difficult as the regulator has a history of turning down most applicants who apply for the crypto license. Apart from Paxos, only a handful of companies have obtained this license which includes the unit of DBS Bank and DBS Vickers Securities.
Paxos, a cryptocurrency trading and custody platform, announced on Thursday that it had received primary approval from the Monetary Authority of Singapore (MAS) for a license under the Payment Services Act 2019. .
This new MAS license will enable Paxos to offer its digital asset and blockchain products and services to Singapore-based clients. Additionally, it will help the blockchain company support its partners in expanding services into Asian markets.
“We are thrilled to have MAS as our regulator, and with their oversight, we will be able to safely accelerate consumer adoption of digital assets globally by powering regulated solutions for the largest enterprises. of the world,” said Rich Teo, Paxos Asia’s Co-Founder and CEO.
Reserve licenses
Based in New York, Paxos has had a presence in Singapore since 2012. The company pursues a strategy of seeking regulatory licensing in strategic jurisdictions to strengthen its services.
Additionally, Paxos pointed out that it has become the first blockchain service provider to obtain licenses in New York and Singapore. Indeed, it was among the first crypto companies to obtain a license from the New York Department of Financial Services, which is considered one of the most difficult crypto licenses to obtain.
Additionally, the company holds a limited-use federal trust charter from the US regulator, making it one of the very few crypto banks in the country.
The MAS approval process itself is difficult as the regulator has a history of turning down most applicants who apply for the crypto license. Apart from Paxos, only a handful of companies have obtained this license which includes the unit of DBS Bank and DBS Vickers Securities.
