Paxos Secures Payments License From Singapore’s Central Bank

New York-regulated blockchain infrastructure firm Paxos has received regulatory approval from Singapore’s central bank to operate its services within the country, according to a press release on Wednesday.

The firm has become the first of its kind to receive a green light from both the New York Department of Financial Services (NYDFS) and the Monetary Authority of Singapore (MAS) — two regions with considerable oversight on digital asset regulation.

Paxos leverages blockchain technology to tokenize, custody, trade and settle assets. The company is known for its gold reserve-backed stablecoin Paxos Gold. Each token is redeemable for one troy ounce of the shiny metal.

Having received licensure under Singapore’s Payment Services Act, Paxos is now cleared to begin offering digital assets and blockchain products as well as services to companies domiciled within the island city-state, it said.

“We founded Paxos in Singapore in 2012 because of this jurisdiction’s forward-thinking approach to innovation and oversight,” said Paxos Asia CEO Rich Teo.

“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.”

The firm joins a number of digital asset companies registered, or who have received an exemption, under the act, including crypto payments firm Wirex and digital asset exchange Zipmex.

Under the country’s payments act, financial services companies dealing in digital assets and accompanying blockchain tech must register with the central bank. Specifically, the act establishes a licensing regime as well as regulatory guidance for payment service providers in an attempt to provide greater oversight on a number of markets including crypto.

It marks a major milestone for the New York-based company which received licensure from the NYDFS in 2015 and also represents its latest efforts to “expand its global regulatory stack,” the company said.

In April, Paxos became the third entity to receive conditional approval for a bank charter from the US Office of the Comptroller of the Currency which also cemented it as the first crypto company green-lit for the creation of an entirely new bank. 

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The post Paxos Secures Payments License From Singapore’s Central Bank appeared first on Blockworks.

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