Paxos is the first firm get the token services approval
The Monetary Authority of Singapore (MAS) has given Paxos, the leading regulated blockchain infrastructure platform, in-principle approval to operate digital payments token services under the Payment Services Act 2019. With this license, 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 established by the Monetary Authority of Singapore 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 get this license, demonstrating the company’s commitment to operating in a transparent and ethical manner for its consumers. The firm will also be able to assist its current partners in growing their services across Asia.
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.”
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