Paxos Granted Licence to Provide Services in Singapore

Paxos has received from the Monetary Authority of Singapore (MAS) an “in-principle approval” to provide services related to cryptocurrencies and other digital assets.

We’re excited to receive in-principle approval for a Major Payments Institution license from the Monetary Authority of Singapore! @MAS_sg Learn what that means here: https://t.co/cA8oPdTIh0

— Paxos (@PaxosGlobal) March 10, 2022

According to the press release, the licence is issued under the Payment Services Act of 2019. The Act extends the anti-money-laundering and counter-terrorism financing rules applicable to financial-market participants to cryptocurrency companies, including trading platforms and custodians. 

After receiving MAS’s approval, Paxos can offer its products and services to customers in Singapore. The licence also allows the company to assist partners in expanding into the Asian market. 

Nikkei Asia notes that, of 170 companies that applied for MAS’s digital licence in 2021, more than 100 were refused. 

As reported in the United States, Paxos holds a conditional licence for a national trust bank and plans to obtain a licence for a clearing agency. 

The stablecoin BUSD, issued for the Binance cryptocurrency exchange, was approved by the New York State Department of Financial Services.

Read ForkLog’s bitcoin news in our Telegram — cryptocurrency news, rates and analytics.