Paxos, a blockchain infrastructure platform, has received a license from the Monetary Authority of Singapore to deliver digital payment token services.
With this license, Paxos can deliver digital asset and blockchain solutions to companies in Singapore, according to a press release.
Paxos aims to use this license to expand its overall efforts in Asia. In the past, the company also received a charter for digital assets from the New York Department of Financial Services in 2015 as well as a preliminary de novo National Trust bank charter from the Office of the Comptroller of the Currency in the U.S.
“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 US-based blockchain platforms to secure this important license from MAS,” Rich Teo, co-founder and CEO, Paxos Asia, said in the release. “We believe blockchain and digital assets will revolutionize finance for everyone around the world, but development of this technology must have clear oversight and consumer protections. We’re excited to have MAS as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”