Paxos Secures MAS’ In-Principle Approval for Digital Payment Tokens Servicesby Fintech News Singapore March 14, 2022
Paxos, a regulated blockchain infrastructure platform, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate digital payments token services under the Payment Services Act.
With this license, Paxos is now able to offer its digital asset and blockchain products and services to customers domiciled in Singapore.
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 limited purpose trust charter for digital assets from the New York Department of Financial Services in 2015.
The regulator has so far granted four full licenses to Australian cryptocurrency exchange Independent Reserve, DBS Vickers which is the brokerage arm of DBS Bank, QR code payment solution provider FOMO Pay, and crypto payments company TripleA.
MAS had also issued an in-principle approval to cryptocurrency platform Coinhako.
Rich Teo, Co-Founder and CEO, Paxos Asia said,
“We founded Paxos in Singapore in 2012 because of this jurisdiction’s forward-thinking approach to innovation and 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.”
Featured image: Edited from Unsplash