Paxos Receives Major Payments Institution License from Singapore's Regulator

Paxos, the premier regulated blockchain infrastructure platform, announced that it has secured a license from the Monetary Authority of Singapore (MAS), allowing it to offer crypto products and services in Singapore under the Payment Services Act 2019.

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Paxos is one of the earliest digital asset operators to secure the license as a Major Payments Institution in Singapore, a testament to MAS' recognition of the company's operation and service. The license will also help Paxos to support its current partners in expanding their services into Asia.

"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," said Rich Teo, Co-Founder and CEO of Paxos Asia. "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 development of this technology must have clear oversight and consumer protections. We're excited to have MAS as our regulator."

Rich added: "Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world's biggest enterprises."

Earlier in this March, Paxos had received in-principle approval from MAS​. Today's successful acquisition of this license further reflects the company's efforts to expand its global regulatory stack.