Paxos has received a license to operate in Singapore

The organization can offer digital assets, blockchain products, and services to companies based in the state

09.03.2022 - 15:25

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What’s new? Paxos, a New York-based, has received approval from the Central Bank of Singapore to provide services within the country. The company was the first to be given approval by the New York Department of Financial Services (NYDFS) and the Monetary Authority of Singapore (MAS).

Information on the Blockworks’s website

What does the company’s representative say? Having been licensed under Singapore’s Payment Services Act, Paxos can now offer digital assets, blockchain products, and services to Thai companies. Paxos Asia CEO Rich Teo noted:

“We founded Paxos in Singapore in 2012 because of this jurisdiction’s forward-thinking approach to innovation and oversight. 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.”

What had happened before? In April 2021, Paxos became the third company to be granted permission to obtain a nationwide trust bank license. This allowed the organization to become the first cryptocurrency company to be approved for a blockchain-focused financial institution.

What is known about the company? Paxos is a New York-based financial and technology company specializing in blockchain. The organization uses tokenization, storage, trading, and asset settlement technologies for corporate clients. Paxos enables fintech companies and financial institutions to offer cryptocurrency opportunities to their users through its Paxos Crypto Brokerage and Stablecoin as a Service products.

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