Leading regulated blockchain infrastructure platform, Paxos has obtained an institutional license to operate in Singapore. The platform announced the development in a Tuesday blog post on its handle. According to the announcement, the firm secured the license from the Monetary Authority of Singapore (MAS) to become eligible to offer digital payment token services under the 2019 Payment Services Act.
With this development, Paxos becomes the first US-based blockchain infrastructure platform to obtain the license as a major payment institution. The protocol says it meets the highest standards of regulation in both New York and Singapore. This thus places Paxos as the most comprehensively regulated platform globally. Remarkably, Paxos usually explores technology to tokenize, custody, trade and settle assets. The platform develops enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, and a host of others.
Now, the latest approval by Paxos allows the protocol to avail digital asset and blockchain products and services. However, these services remain subject to Singapore’s regulatory requirements. The blockchain infrastructural platform has, over time, been committed to operating with transparency and integrity for its customers. With its institutional license in Singapore, it hopes to support its current partners in expanding their services into Asia.
Notably, this latest feat achieved by Paxos comes after it reportedly made concerted efforts to secure the first limited purpose Trust charter for digital assets from the New York Department of Financial Services in 2015. It also made move to obtain the first preliminary de novo National Trust bank charter from the Office of the Comptroller of the Currency (OCC) in the US.
Paxos aims to continue its innovations within regulatory frameworks – CEO
Rich Teo, Co-Founder and CEO, Paxos Asia, reacted to the latest milestone achieved by the firm. According to Teo, “we founded Paxos to make it safer and easier to move assets at any time, anywhere.” The CEO further that the team has remained committed to innovating within regulatory frameworks since the inception of the platform. More so, Theo expressed the delight of his team to become one of the first US-based blockchain platforms to obtain an institutional license from MAS.
The CEO believes blockchain and digital assets possesses the capacity to revolutionize finance for everyone around the world. Meanwhile, the development of these technologies must have clear “oversight and consumer protections,” Theo added. Further, the CEO said, “we’re excited to have MAS as our regulator. According to Theo, Paxos aims to “safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”