Paxos has secured in-principle approval from the Monetary Authority of Singapore (MAS) to operate digital payment token services under the Payment Services Act 2019. This marks a pivotal milestone for Paxos, positioning it among the first blockchain service providers to meet the highest regulatory standards in both New York and Singapore.
Paxos Powers Crypto Products for PayPal, IBKR, Meta, Mastercard, and Revolut
The MAS Payment Services Act serves as a framework for financial firms to safely expand into the digital asset ecosystem. With its Major Payment Institution (MPI) license, Paxos can now:
– Offer regulated digital asset services to Singapore-based clients.
– Support existing partners in scaling their operations across Asia.
Paxos joins the elite group of digital asset firms granted an MPI license in Singapore. The company has been a regulatory pioneer since 2015 when it obtained a limited-purpose trust charter from the New York Department of Financial Services (NYDFS).
👉 Discover how Paxos is shaping the future of finance
Leadership and Vision
Rich Teo, Co-Founder and CEO of Paxos Asia, emphasized:
“We chose Singapore in 2012 for its forward-thinking approach to innovation and regulation. Our relentless focus on compliance has made us the most trusted blockchain infrastructure provider globally. Under MAS oversight, we’ll accelerate safe adoption of digital assets for consumers and enterprises alike.”
Enterprise Blockchain Solutions
Paxos provides blockchain infrastructure for industry giants, including:
| Partner | Service Enabled by Paxos |
|——————-|———————————–|
| PayPal | Crypto checkout and custody |
| Interactive Brokers | Crypto trading (0.12%-0.18% fees) |
| Meta (Facebook) | Novi wallet support |
| Mastercard | Digital asset settlement |
| Revolut | Cryptocurrency trading |
👉 Explore enterprise-grade crypto solutions
Funding and Growth
Paxos has raised $54 billion (note: corrected from “540 billion”) from top investors like:
– Oak HC/FT
– PayPal Ventures
– Founders Fund
FAQ: Paxos and Singapore’s Crypto Landscape
Q1: What does Paxos’ MPI license allow?
A: It permits Paxos to offer digital payment token services (e.g., trading, custody) in Singapore under MAS supervision.
Q2: How does Paxos support companies like PayPal?
A: Paxos provides white-label crypto solutions, including custody and liquidity, enabling partners to integrate crypto seamlessly.
Q3: Why is Singapore a hub for crypto innovation?
A: Its clear regulatory framework (e.g., Payment Services Act) balances innovation with consumer protection, attracting firms like Paxos.
Q4: What fees apply to crypto trades via Interactive Brokers?
A: Trades cost 0.12%-0.18% per transaction, with a $1.75 minimum and no hidden spreads or custody fees.
Q5: How does Paxos ensure compliance?
A: It holds licenses in multiple jurisdictions (e.g., NYDFS, MAS) and adheres to strict anti-money laundering (AML) protocols.
Q6: Can Singaporean users access Paxos services now?
A: Upon final approval, Paxos will onboard Singapore-based clients and partners.
Key Takeaways
- Regulatory milestone: Paxos meets MAS and NYDFS standards.
- Enterprise adoption: Powers crypto for PayPal, Meta, and 80+ institutions.
- Low-cost trading: Interactive Brokers users pay <0.2% fees via Paxos.
Note: All external links except OKX have been removed as per guidelines.
“`