Blockchain infrastructure platform Paxos has received a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services as a Major Payments Institution.
The license enables Paxos to offer digital asset and blockchain products and services, as well as support its current partners in expanding their services into Asia.
The company previously received in-principle approval from the MAS in March 2022 and secured the first limited purpose Trust charter for digital assets in New York in 2015.
Paxos’ announcement follows a slew of similar announcements at the ongoing Singapore Fintech Festival, including Circle’s in-principle approval and Wise’s capital markets services license.
“We founded Paxos to make it safer and easier to move assets at any time, anywhere. We’re honored to be one of the first US-based blockchain platforms to secure this important license from MAS,”
said Rich Teo, Co-Founder and CEO, Paxos Asia.
