Stablecoin issuer company Paxos successfully secured regulatory approval from the authority of Singapore to operate its services in Asia.
Paxos is a popular crypto company in the crypto industry. This is known to provide a new solution that enables companies to offer cryptocurrency buying, selling, holding, and sending capabilities within their applications. In short, we can say Paxos is a crypto brokerage service provider crypto company.
On 10 March, Paxos announced that the company successfully received its crypto license from the Monetary Authority of Singapore ( MAS).
This regulatory approval will help Paxos to establish its partnership and collaboration with its other partners & companies to provide better services in Asia, under compliance.
Rich Teo, CEO, and co-founder of Paxos commented on this success of the company and ensured that they will aim to push better adoption of the cryptocurrencies through secure services, under the Payment Services Act of the country.
“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.”
Before this in April of last year, Paxos successfully received regulatory approval, to set up a national trust bank, from the Comptroller of the Currency.
The success of Paxos can be seen through the fact of rejected numbers of applications, which failed to get a crypto license to offer crypto services. In December of last year, reports noted that 103 out of 170 applications had been rejected by MAS.
In the past, Paxos became one of the first crypto companies in the crypto industry, which received BitLicense to operate its services in New York, as well as a charter from the New York Department of Financial Services in 2015, under the name ItBit.
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