The Monetary Authority of Singapore(MAS) has granted in-principle authorisation to cryptocurrency company Paxos, which provides brokerage, custody, and stablecoin services.
According to a Thursday announcement, Paxos is the first cryptocurrency company to hold regulatory licences in both New York and Singapore.
The New York Department of Financial Services approved Paxo’s first limited-purpose trust licence for digital assets in 2015. Paxos’ Singapore approval is in principle, which means it must still get final approval. A Paxos spokesman said that this would come after working with regulators and passing an exam. According to them, the in-principle permission authorises the firm to continue operations in Singapore.
Paxos established its Singapore unit in 2012, but in order to continue operations in the country, it needed regulatory clearance under the Payment Services Act 2019. “We’re excited to have MAS as our regulator, and with their guidance, we’ll be able to securely drive consumer adoption of digital assets throughout the globe by enabling regulated solutions for the world’s largest organisations,” said Rich Teo, co-founder and CEO of Paxos Asia.
Paxos is one of the few companies that have received a crypto licence from MAS. According to a December Nikkei Asia report, more than 100 firms who filed for such a licence were either rejected or withdrew their applications. DBS, Vickers Securities, Sygnum, and Independent Reserve are among the other companies that have received crypto licences in the country.