Paxos Becomes “Major Payments Institution” in Singapore

Paxos, a cryptocurrency trading and custody platform, announced on Wednesday that Paxos Global Pte Ltd had acquired a license from the Monetary Authority of Singapore (MAS). Under the new license, Paxos will be able to offer digital payment token services, and it will become the first blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term infrastructure platform from the USA with a Major Payments Institution (MPI) license.

According to the Singaporean Payment Services Act 2019 (PSA 2019), Paxos can now offer its blockchain and digital assets products to businesses operating within the local market. It is worth noting that Paxos is one of the first companies from the crypto sector with an MPI license.

“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 the development of this technology must have clear oversight and consumer protections,” Rich Teo, the Co-Founder and CEO at Paxos Asia, commented.

“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.”

According to the press release, the newly received license should help Paxos establish a better presence of its services in the Asian region.

More Crypto Companies Working under PSA 2019

In March 2022, the company received in-principal approval to offer its services in Singapore. After six months of further regulatory preparations, Paxos was able to receive full authorization.

According to local law, Paxos can now provide digital payment token (DPT) services and join the ranks of other authorized companies like FOMO Pay, Revolut or Digital Treasures Center (DTC).

Another cryptocurrency services provider, Crypto.com, recently confirmed its in-principle approval from the MAS for an MPI license.