Paxos has secured in-principle approval from the Monetary Authority of Singapore (MAS) to operate a digital payment token service under the Payment Services Act 2019.
This marks a significant 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 Cryptocurrency Products for Major Institutions
With its Major Payment Institution (MPI) license from MAS, Paxos can now:
- Offer regulated digital asset services to clients in Singapore.
- Support global partners expanding into Asia’s crypto market.
- Provide enterprise-grade blockchain infrastructure for institutions like PayPal, Meta, Mastercard, and Revolut.
Regulatory Leadership in Digital Assets
Paxos has been a pioneer in compliance:
- Obtained a NYDFS Trust Charter in 2015.
- Co-founded Paxos Asia in Singapore (2012), leveraging the country’s pro-innovation regulatory approach.
Rich Teo, Co-founder and CEO of Paxos Asia, stated:
"Our commitment to regulation is why we’re trusted by leading institutions. MAS’s oversight accelerates safe, global adoption of digital assets."
👉 Explore how Paxos bridges traditional finance and crypto
Key Partnerships and Funding
- Clients: PayPal, Interactive Brokers, MercadoLibre, and more.
- Investors: Raised $540M+ from Oak HC/FT, Founders Fund, and PayPal Ventures.
Recent Developments
- Meta’s Novi Wallet: Powered by Paxos (source).
- IBKR Crypto Trading: Partners with Paxos for low-cost crypto transactions (0.12%–0.18% commission).
FAQs
Q: What does Paxos’s MAS approval mean for Singapore’s crypto market?
A: It signals regulatory clarity, encouraging institutional participation in Singapore’s growing digital asset ecosystem.
Q: How does Paxos ensure compliance?
A: Through dual oversight (NYDFS and MAS) and a trust-first infrastructure for enterprises.
Q: Which financial products use Paxos’s technology?
A: PayPal’s "Checkout with Crypto," IBKR’s trading platform, and stablecoins like Pax Dollar (USDP).
👉 Learn about Paxos’s blockchain solutions