Blockchain Infrastructure platform Paxos secures in-principle approval for a Major Payments Institution license from the Monetary Authority of Singapore (MAS).
According to the press release, this approval will allow Paxos to operate digital payments token services under the Payment Services Act 2019.
The Payments Services Act was actually introduced by the MAS to provide a framework for financial services businesses to safely extend into the digital asset sector.
Now with the Major Payments Institution License, Paxos can provide consumers in Singapore with digital asset and blockchain products and services.
Paxos will also be able to assist its current partners in spreading their services into Asia, thanks to this license.
Also with this Paxos became one of the first blockchain service providers to achieve the highest standard of regulation in both New York and Singapore.
Paxos actually obtained the first limited purpose Trust charter for digital assets from the New York Department of Financial Services in 2015.
Co-Founder and CEO of Paxos Asia, Rich Teo, stated, “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.”
Paxos right now has only received in-principle approval in Singapore, meaning it must yet obtain the final approval. After working with regulators and passing an exam, the final approval will ensue.
MAS has reportedly declined 103 out of 170 license applications from crypto companies wanting to operate in the country as of December 2021. Binance Singapore even withdrew its crypto license application from the MAS and terminated all its services in the country last month.
