Paxos is proud to announce it has secured its formal license from the Monetary Authority of Singapore (MAS) for its Singapore entity. This is a Major Payments Institution License, making Paxos the first US company to secure full Major Payments Institution licensing in Singapore.
As a regulation-first international platform founded in Singapore, we’re honored to receive this validation from MAS to ensure we offer a fully-regulated solution to Singaporean customers.
Singapore plays a significant role in the global crypto market
Singapore is a global financial hub and its prominence is only growing. Singapore has its own crypto identity, which may stem from its ability to balance a welcoming attitude towards digital asset innovation with an increasingly responsible desire for oversight.
The MAS was one of the first premier financial regulators to build a new regulatory framework for digital assets that allowed innovators to develop solutions safely.
This MAS registration is a significant endorsement of our product and approach to bringing the benefits of blockchain to companies – and consumers – around the world. Singapore is also an influential partner in Asia, specially appealing to digital asset firms in China and India, furthering our reach and impact.
MAS license highlights Paxos dedication to regulation-first approach
The designation by MAS makes Paxos the most comprehensively regulated digital asset and blockchain infrastructure provider globally. The Major Payments Institution license allows Paxos to offer digital asset infrastructure safely to global clients. By partnering with Paxos in Singapore, enterprises can provide crypto to international consumers safely and without reputational risk.
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. We’re honored to be one of the first blockchain platforms to secure this important license from MAS.
Staying ahead in an evolving crypto ecosystem
The global crypto ecosystem is constantly evolving and while cryptocurrency usage increases, cryptocurrency regulations around the world are widely uneven, if they exist at all. In some regions, such as Latin America, a blend of socioeconomic forces are driving consumer demand to levels that are difficult for regulators to ignore.
Halfway around the world, Singapore’s standing as a crypto center, along with the acquisition of the MAS license is helping to burnish Paxos’ reputation as a regulation-first, global company.
The MAS licensure follows Paxos’ efforts to secure the first limited purpose Trust charter for digital assets from the New York Department of Financial Services in 2015 and the first preliminary de novo National Trust bank charter from the Office of the Comptroller of the Currency (OCC) in the US. This achievement represents the latest efforts to expand our global regulatory stack.
Paxos regulatory stack will continue to grow as Paxos will continue to amplify the benefits of blockchain technology within regulated frameworks and jurisdictions.
At Paxos, we believe that with the MAS license we can better introduce innovative solutions to global partners. It also points to our pursuit of regulatory oversight in key jurisdictions that have strong financial regulatory regimes.