Paxos obtains in-principle approval to operate crypto services in Singapore

Paxos has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate digital payments token services under the Payment Services Act 2019.

This is a major milestone for Paxos as it is likely to become one of the first blockchain services providers to meet the highest standard of regulation in both New York and Singapore.

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Paxos behind crypto offerings from PayPal, IBKR, Meta, Mastercard, Revolut, etc

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

Paxos is one of the earliest digital asset operators to secure Singapore’s Major Payments Institution License, which allow the firm to offer its digital asset and blockchain products and services to customers domiciled in Singapore as well as support its current partners in expanding their services into Asia.

The blockchain specialist secured a limited purpose Trust charter for digital assets from the New York Department of Financial Services in 2015.

Rich Teo, Co-Founder and CEO, Paxos Asia, commented, “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 has built enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Meta, Mastercard, MercadoLibre, Bank of America, Credit Suisse, Societe Generale, and Revolut.

It has raised more than $540 million from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.

Facebook has recently revealed that its Novi wallet, will be powered by Paxos. Paypal’s “checkout with crypto” feature has also the backing of Paxos.

In September 2021, Interactive Brokers partnered with Paxos for its cryptocurrency features. The US-listed broker’s customers are now able to buy, hold and sell a handful of crypto assets.

Through Paxos, Interactive Brokers clients will be able to trade cryptocurrency at a commissions of just 0.12% – 0.18% of trade value, with a $1.75 minimum per order. Plus, there are no added spreads, markups, or custody fees.