Paxos receives licence from MAS

Monday 14 March 2022 12:38 CET | News

US-based cryptocurrency trading and custody platform Paxos has received a licence from the Monetary Authority of Singapore (MAS).

Paxos, which holds a limited purpose trust charter for digital assets in the US and was one of the first crypto firms to be regulated by the New York Department of Financial Services, has had a presence in Singapore since 2012.

MAS introduced the Payments Services Act as a framework for financial services companies to safely expand into the digital asset ecosystem, and with its Major Payments Institution License, Paxos is now able to offer its digital asset and blockchain products and services to customers domiciled in Singapore. The license will also help Paxos to support its current partners in expanding their services into Asia.

In 2021, Paxos has closed a USD 300 million Series D round of funding to boost its financial market infrastructure platform’s growth.

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Keywords: regulation, Monetary Authority of Singapore (MAS), cryptocurrency, digital assets, financial services
Categories: DeFi & Crypto & Web3
Companies: MAS
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3


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