Paxos, a US-based blockchain infrastructure protocol, has obtained an institutional license in Singapore as part of its plan to expand its offerings across the globe.
News! Paxos has secured its Major Payments Institution license from @MAS_sg! This makes Paxos the first US-based global #blockchain infrastructure provider to receive approval. We’re the most comprehensively regulated digital asset platform. Learn more: https://t.co/6vorIMpFkm
— Paxos (@PaxosGlobal) November 2, 2022
According to a Tuesday announcement by the firm, the license was issued by the Monetary Authority of Singapore (MAS), a regulatory agency in the country. As reported, Paxos will offer blockchain and digital asset products and services to companies in Singapore with this license in compliance with the 2019 Payment Services Act.
The Singapore parliament passed this act to regulate payment mechanisms efficiently. Also, as enacted, the act allows MAS…
