The leading regulated blockchain and tokenization infrastructure platform, Paxos, recently secured in principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity, Paxos Digital Singapore Pte Ltd.. Company Limited. The purpose of the project is to provide services related to digital payment tokens. A new US dollar stablecoin will be issued by Paxos Digital Singapore on behalf of the Central Monetary Authority, in advance of the MAS' proposed stablecoin regulatory framework coming into force, that will be substantively compliant with MAS' proposed regulatory framework.. It is expected that Paxos will be able to partner with enterprise clients in Singapore in order to issue the USD-backed stablecoin once it has received full approval
It is expected that Paxos will be able to partner with enterprise clients in Singapore in order to issue the USD-backed stablecoin once it has received full approval
The Paxos stablecoin is at the forefront of ushering in a new era of stablecoin utility and mainstream adoption.. Transparency, accountability, and integrity are the cornerstones of the company's commitment to transparency, accountability, and integrity as reflected in its commitment to regulatory compliance and proactive oversight engagements. In terms of democratizing access to commerce and financial services, stablecoins that are issued in accordance with the standards set forth by global prudential regulators are a significant step in the right direction. During the course of its operations, Paxos is dedicated to maintaining a high degree of integrity and transparency, and the company will only issue tokens that are subject to oversight from prudential regulators.
During the course of its operations, Paxos is dedicated to maintaining a high degree of integrity and transparency, and the company will only issue tokens that are subject to oversight from prudential regulators.
It is Paxos' policy to strive to grow in global markets within regulated frameworks and to engage with regulators in order to help inform the rules governing digital assets on a global scale. As part of our commitment to maintain the high standards of AML and KYC that have been established by leading financial markets such as the US and Singapore,. As a result of achieving this milestone, Paxos solidifies its position as the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in both New York and Singapore.. Paxos became the first US-based blockchain infrastructure platform to obtain a license from the MAS in 2022 to offer digital payment token services under Payment Services Act 2019 as the first US-based blockchain infrastructure platform to obtain such a license
Paxos became the first US-based blockchain infrastructure platform to obtain a license from the MAS in 2022 to offer digital payment token services under Payment Services Act 2019 as the first US-based blockchain infrastructure platform to obtain such a license
The head of Paxos Strategy, Walter Hessert, commented that "Global demand for the US dollar has never been stronger, yet it remains a challenge for consumers outside of the US to obtain dollars in a safe, reliable, and regulated manner". The in-principle approval Paxos has received from the MAS will allow Paxos to provide its regulated platform to more users around the world as a result of this approval. As Paxos adheres to the highest standards of compliance and oversight, we have partnered with global enterprises to deliver stablecoin solutions that drive their businesses and support their customers in the way they require
As Paxos adheres to the highest standards of compliance and oversight, we have partnered with global enterprises to deliver stablecoin solutions that drive their businesses and support their customers in the way they require
By leveraging blockchain technology, Paxos aims to open the financial system to everyone, thus introducing significant opportunities for global markets and billions of users. Despite the fact that Paxos continues to lead the way in digital asset innovation, the company remains steadfast in its commitment to creating a more inclusive and accessible financial future for everyone.
In order to ensure the stability, safety, and reliability of all Paxos stablecoins, they have full backing by the US Dollar and its cash equivalents. Similarly to its other tokens, Paxos will issue monthly attestations and reserve reports so that all holders know exactly what they own. For more information, please visit: https://paxos.com/regulation-and-transparency/.
Paxos - a brief introduction
The Paxos blockchain infrastructure platform and tokenization platform is the leading regulated blockchain infrastructure and tokenization platform. This platform has provided the foundation for a faster, more efficient and open financial system. There are trillions of dollars locked behind inefficient, outdated financial plumbing that is inaccessible to millions of people in the world today. By replatforming the financial system, Paxos enables assets to move instantly anywhere in the world, at any time, in a trustworthy manner.
The Paxos Platform provides tokenization, custody, trading, and settlement services to leading global enterprises. Among the institutions using its blockchain solutions are PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America, Societe Generale, and many others. In addition to PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG), it is also the issuer of numerous regulated digital assets.. In the US, Paxos is regulated by the NYDFS as well as the MAS in Singapore, making the company one of the top-funded fintech companies with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.. As a global financial technology company with offices in New York, London, and Singapore, Paxos takes a global approach to enhancing the financial industry
As a global financial technology company with offices in New York, London, and Singapore, Paxos takes a global approach to enhancing the financial industry
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