Paxos Gains In-Principal Approval from Singapore Regulator

by Arnab Shome
  • It has had a presence in the city-state since 2012.
  • The company is now holding a license in both New York and Singapore.
Singapore

Paxos, a cryptocurrency trading and custody platform, announced on Thursday that it has received in-principal approval from the Monetary Authority of Singapore (MAS) for a license under the Payment Services Act 2019.

This new MAS license will allow Paxos to offer its digital asset and blockchain products and services to customers based in Singapore. In addition, it will help the blockchain company to support its partners in expanding services in the Asian markets.

“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,” said Rich Teo, Paxos Asia’s Co-Founder and CEO.

Stocking Up Licenses

Based in New York, Paxos has had a Singapore presence since 2012. The company is following a strategy of seeking a regulatory license in strategic jurisdictions to strengthen its services.

Additionally, Paxos highlighted that it has become the first blockchain service provider to gain licenses in New York and Singapore. Indeed, it was among the first crypto companies to attain a license from the New York Department of Financial Services, which is considered one of the toughest crypto licenses to obtain.

Further, the company holds a limited purpose 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 a tough one as the regulator has a track record of turning down most of the applicants applying for the crypto license. Apart from Paxos, only a hand full of firms have been granted this license that includes DBS Bank’s unit and DBS Vickers Securities.

Paxos, a cryptocurrency trading and custody platform, announced on Thursday that it has received in-principal approval from the Monetary Authority of Singapore (MAS) for a license under the Payment Services Act 2019.

This new MAS license will allow Paxos to offer its digital asset and blockchain products and services to customers based in Singapore. In addition, it will help the blockchain company to support its partners in expanding services in the Asian markets.

“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,” said Rich Teo, Paxos Asia’s Co-Founder and CEO.

Stocking Up Licenses

Based in New York, Paxos has had a Singapore presence since 2012. The company is following a strategy of seeking a regulatory license in strategic jurisdictions to strengthen its services.

Additionally, Paxos highlighted that it has become the first blockchain service provider to gain licenses in New York and Singapore. Indeed, it was among the first crypto companies to attain a license from the New York Department of Financial Services, which is considered one of the toughest crypto licenses to obtain.

Further, the company holds a limited purpose 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 a tough one as the regulator has a track record of turning down most of the applicants applying for the crypto license. Apart from Paxos, only a hand full of firms have been granted this license that includes DBS Bank’s unit and DBS Vickers Securities.

About the Author: Arnab Shome
Arnab Shome
  • 6315 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6315 Articles
  • 80 Followers

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