Monday, December 5 2022

Paxos is the first US-based blockchain infrastructure platform to secure regulatory oversight in major financial centers in New York and Singapore

NEW YORK and SINGAPORE, November 1, 2022 /PRNewswire/ — Paxosthe leading regulated blockchain infrastructure platform, today announced 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 be licensed as a major payment institution. Paxos meets the highest regulatory standards in both New York and Singaporemaking it the most regulated platform in the world.

Paxos is now able to offer its leading digital asset and blockchain products and services, subject to that of Singapore regulatory requirements, to companies domiciled Singapore. Paxos is one of the first operators of digital assets to obtain this license, underscoring the company’s commitment to operating with transparency and integrity for its customers. The license will also help Paxos help its current partners expand their services to Asia.

The MAS license follows Paxos’ efforts to obtain the first limited-use trust charter for digital assets from the New York Department of Financial Services in 2015 and the first preliminary de novo charter for the National Trust’s bank from the Office of the Comptroller. currency (OCC) in the United States. This achievement represents the company’s latest efforts to expand its global regulatory stack.

Teo richco-founder and CEO of Paxos Asia, said, “We founded Paxos to make it safer and easier to move assets anytime, anywhere. From the beginning, we have been committed to innovation in regulatory frameworks. We are honored to be one of the first US-based blockchain platforms to obtain this important license from MAS. We believe that blockchain and digital assets will revolutionize finance for everyone around the world, but the development of this technology must have clear oversight and consumer protections. We are delighted to have MAS as a regulator. Paxos will securely accelerate consumer adoption of digital assets globally in partnership with the world’s leading companies.

To learn more about Paxos and its infrastructure and regulated products, visit www.paxos.com.

About Paxos

Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation of a new open financial system that can work faster and more efficiently. Today, billions of dollars are locked away in inefficient and outdated financial plumbing, inaccessible to millions of people. Paxos is reforming the financial system to allow assets to move instantly anywhere in the world, anytime, reliably.

Paxos uses technology to tokenize, hold, exchange and settle assets. He builds enterprise blockchain solutions for institutions such as PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, PicPay, Bank of America, Credit Suisse and Société Générale. Paxos is a top-funded fintech company with over $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. Paxos takes a holistic approach to modernizing the financial system.

Media Contact:

Becky McClain
[email protected]

SOURCEPaxos

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