Paxos Secures Major Payments Institution License from Monetary Authority of Singapore
Paxos is the first US-Based Blockchain Infrastructure Platform to Secure Regulatory Oversight in Key Financial Hubs of New York and Singapore
NEW YORK & SINGAPORE — November 2, 2022 — Paxos, the leading regulated blockchain infrastructure platform, announced today at the Singapore Fintech Festival that Paxos Global Pte Ltd has received a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services under the Payment Services Act 2019. Paxos is the first US-based blockchain infrastructure platform to secure the license as a Major Payments Institution. Paxos meets the highest standards of regulation in both New York and Singapore, making it the most comprehensively regulated platform globally.
Paxos is now able to offer its leading digital asset and blockchain products and services, subject to Singapore’s regulatory requirements, to companies domiciled in Singapore. Paxos is one of the earliest digital asset operators to secure this licensing, underscoring the company’s commitment to operating with transparency and integrity for its customers. The license will also help Paxos to support its current partners in expanding their services into Asia.
The MAS licensure follows Paxos’ efforts to secure the first limited purpose Trust charter for digital assets from the New York Department of Financial Services in 2015 and the first preliminary de novo National Trust bank charter from the Office of the Comptroller of the Currency (OCC) in the US. This achievement represents the company’s latest efforts to expand its global regulatory stack.
Rich Teo, Co-Founder and CEO, Paxos Asia, commented, “We founded Paxos to make it safer and easier to move assets at any time, anywhere. From the start, we’ve been committed to innovating within regulatory frameworks. We’re honored to be one of the first US-based blockchain platforms to secure this important license from MAS. We believe blockchain and digital assets will revolutionize finance for everyone around the world, but development of this technology must have clear oversight and consumer protections. We’re excited to have MAS as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”
To learn more about Paxos and its regulated infrastructure and products, visit www.paxos.com.
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, PicPay, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. Paxos takes a global approach to modernizing the financial system.