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Paxos believes that the approval of the NYDFS and MAS regulators will make it possible to sell products and services in Singapore and the United States.
New York-based blockchain infrastructure crypto company Paxos has received approval from Singapore’s central bank to provide services in the country. As a result, Paxos became the first company to receive approval from both the New York City Department of Financial Services (NYDFS) and the Monetary Authority of Singapore (MAS), two regions with very strict oversight of cryptocurrencies.
Paxos announced that, having been licensed under the Singapore Payment Services Act, it can now offer cryptocurrencies and blockchain products and services to companies registered in the city-state. Paxos Asia CEO Rich Teo sees prospects in obtaining a license from the regulator in Singapore.
“We founded Paxos in Singapore in 2012 as a result of the jurisdiction’s forward-thinking approach to innovation and oversight. We are pleased to have MAS as our regulator and through their oversight, we will be able to safely accelerate the adoption of digital assets by consumers around the world by providing solutions for the world’s largest companies,” said the head of Paxos.
Since then, the company has joined a number of businesses dealing with cryptocurrencies registered or exempted under the law, including crypto-currency companies Wirex and Zipmex.
In accordance with the law on payment transactions in Singapore, financial companies working with cryptocurrencies and related blockchain technologies must register with the central bank of the country. The law establishes a licensing regime as well as regulatory guidelines for payment service providers. Including in the cryptocurrency market.
The company was licensed by the NYDFS in 2015 and is making efforts to “expand the global regulatory package.”
Many crypto-currency companies meet the requirements of regulators and build their activities in accordance with the laws of the countries in which they operate. Spanish in February
Crypto exchange Bit2Me received permission from the Bank of Spain and became the first
licensed service provider for trading and storage of digital assets in the country. Last year, the Binance cryptocurrency exchange received approval from the Central Bank of Bahrain. This allowed Binance to operate in the kingdom as a virtual asset service provider. In October, the UK Financial Conduct Authority (FCA) issued a license to the payment company Crypterium to provide cryptocurrency services in the country.
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