Paxos, which provides infrastructure services for blockchain technology, announced that it has received in principle permission from the country’s central bank to operate legally in Singapore.
According to a statement made by Paxos today, this development makes the company the first blockchain platform to achieve approval from regulatory authorities in both New York and Singapore.
paxos, Payment Services Act 2019 It will be able to provide services based on digital tokens in Singapore by using the permission it has received under the scope of.
Singapore’s central bank, MAS, enacted this law to regulate crypto money and blockchain companies, and started licensing these companies in line with the relevant law.
MAS has so far approved very few of the companies that have applied for this license and, according to Nikkei Asia, almost Turned down 100 companies’ applications.
Rich Teo, CEO of Paxos Asia, expressed his satisfaction with this development, “We are delighted to be audited by MAS. With their oversight, we will be able to drive greater global adoption of digital assets.” said.
Among the names that have managed to obtain this license is DBS Vickers Securities, which is affiliated with Singapore’s giant bank DBS Group.