Paxos secures payment license from Singapore Central Bank
Paxos secures payment license from Singapore Central Bank
- Paxos said it received a license from Central Bank Singapore to offer its services within the Insel City State
- It joins a handful of crypto companies that have received the Green Light from MAS, and is the first blockchain infrastructure company that has received permission from both the supervisory authorities in New York and Singapore
The blockchain infrastructure company Paxos regulated by New York has received the official approval of the Central Bank Singapore, according to a press release on Wednesday.
The company is the first of its kind that received green light from the New York Department of Financial Services (NYDFS) and the Monetary Authority of Singapore (MAS) - two regions with a significant supervision of the regulation of digital assets.
paxos uses blockchain technology to token, keep, keep and bill assets. The company is known for its stable coin Paxos Gold, covered by gold reserves, in which every token can be redeemed for a troy ounce of the shiny metal.
After Paxos received the license according to Singapore Payment Services Act, it is now entitled to offer digital assets and blockchain products as well as services for companies based in the island city state, it said.
"We founded Paxos 2012 in Singapore in Singapore due to the future -oriented approach of this jurisdiction in terms of innovation and supervision," said Rich Teo, CEO of Paxos Asia.
"We are happy to have MAS as our supervisory authority, and with your supervision we will be able to safely accelerate the consumer acceptance of digital assets worldwide by supporting regulated solutions for the largest companies in the world."
The company joins a number of digital asset companies to or entered who have received one exception in accordance with the law, including the crypto payment company Wirex and the Digital Asset Exchange Zipmex.
According to the state's payment law, financial services companies that deal with digital assets and accompanying blockchain technology must register with the central bank. In particular, the law defines a licensing system and regulatory guidelines for payment service providers to ensure a better supervision of a number of markets, including crypto.
This is an important milestone for the company based in New York, which in 2015 received a license from NYDFS, and also represents its latest efforts to "expand its global regulatory stack," said the company.
In April, Paxos as the third company received a conditional approval for a Bankcharta from the US Office of the Compotroller of the Currency, which was also the first crypto company, which gave the green light for the establishment of a completely new bank.. .
The article Paxos Secures Payments License from Singapore’s Central Bank is not a financial advice.