The Monetary Authority of Singapore has granted Paxos regulatory approval to offer crypto services to local companies.
Paxos said it had received a license from Singapore’s financial regulator allowing the firm to provide blockchain and crypto services under the country’s Payment Services Act. The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia.
Paxos was one of the first crypto firms to receive a BitLicense allowing it to operate in New York, as well as a charter from the New York Department of Financial Services in 2015 while operating under the name ItBit.
As of December 2021, Singapore’s monetary authority reportedly denied regulatory approval for 103 out of 170 license applications from crypto firms seeking to operate in the country. However, companies including Bitstamp Limited, Coinbase Singapore and Gemini Trust are listed as having been given an exemption from holding a license.
