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March 11, 2022

Paxos gets nod for digital payments token services in Singapore

Blockchain infrastructure platform Paxos has secured in-principle nod from the Monetary Authority of Singapore (MAS) to roll out digital payments token services in the country.

The licence was granted under MAS’ Payment Services Act 2019, which aims to help financial institutions expand into the country’s digital asset ecosystem.

Paxos, which already holds a Major Payments Institution licence in Singapore, will now start offering digital asset and blockchain products and services to customers domiciled in the country.

The new licence will also enable the firm to lend support for its existing partners to expand their services into Asia.

Paxos Asia co-founder and CEO Rich Teo said: “We founded Paxos in Singapore in 2012 because of this jurisdiction’s forward-thinking approach to innovation and oversight. Since then, we’ve distinguished ourselves globally as the most trusted blockchain infrastructure provider because we’ve relentlessly pursued regulatory oversight.

“We believe it’s the only way for consumers and financial institutions alike to truly experience the benefits of the blockchain and digital assets. 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 secured the first limited purpose Trust charter for digital assets from the New York Department of Financial Services in 2015.

The latest licence follows the firm’s initiatives to ramp up its regulatory stack worldwide.

Paxos specialises in the tokenisation, custody, trade and settlement of assets.

Its blockchain solutions are leveraged by companies including Meta, PayPal, Mastercard, Interactive Brokers, Societe Generale, Credit Suisse, Revolut, Bank of America, and MercadoLibre.

The firm, which has offices in New York, London and Singapore, is backed by PayPal Ventures, Mithril Capital, Oak HC/FT, Declaration Partners, and Founders Fund, among others.

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