{"id":58670,"date":"2022-03-10T18:40:09","date_gmt":"2022-03-10T16:40:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=58670"},"modified":"2025-09-04T17:58:01","modified_gmt":"2025-09-04T14:58:01","slug":"paxos-granted-licence-to-provide-services-in-singapore","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/paxos-granted-licence-to-provide-services-in-singapore\/","title":{"rendered":"Paxos Granted Licence to Provide Services in Singapore"},"content":{"rendered":"<p>Paxos has received from the Monetary Authority of Singapore (MAS) an &#8220;in-principle approval&#8221; to provide services related to cryptocurrencies and other digital assets.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">We&#8217;re excited to receive in-principle approval for a Major Payments Institution license from the Monetary Authority of Singapore! <a href=\\\"https:\/\/twitter.com\/MAS_sg?ref_src=twsrc%5Etfw\\\">@MAS_sg<\/a> Learn what that means here: <a href=\\\"https:\/\/t.co\/cA8oPdTIh0\\\">https:\/\/t.co\/cA8oPdTIh0<\/a><\/p>\n<p>\u2014 Paxos (@PaxosGlobal) <a href=\\\"https:\/\/twitter.com\/PaxosGlobal\/status\/1501930798038990854?ref_src=twsrc%5Etfw\\\">March 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to the press release, the licence is issued under the Payment Services Act of 2019. The Act extends the anti-money-laundering and counter-terrorism financing rules applicable to financial-market participants to cryptocurrency companies, including trading platforms and custodians.\u00a0<\/p>\n<p>After receiving MAS&#8217;s approval, Paxos can offer its products and services to customers in Singapore. The licence also allows the company to assist partners in expanding into the Asian market.\u00a0<\/p>\n<p>Nikkei Asia notes that, of 170 companies that applied for MAS&#8217;s digital licence in 2021, more than 100 were refused.\u00a0<\/p>\n<p>As reported in the United States, Paxos holds a conditional licence for a <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-secures-conditional-national-bank-license\">national trust bank<\/a> and plans to obtain a licence for a <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-to-apply-for-clearing-agency-licence\">clearing agency<\/a>.\u00a0<\/p>\n<p>The stablecoin BUSD, issued for the Binance cryptocurrency exchange, was approved by the New York State Department of Financial Services.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paxos has received from the Monetary Authority of Singapore (MAS) an &#8220;in-principle approval&#8221; to provide services related to cryptocurrencies and other digital assets.<\/p>\n","protected":false},"author":1,"featured_media":58671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1504,946],"class_list":["post-58670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-paxos","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=58670"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58670\/revisions"}],"predecessor-version":[{"id":58672,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58670\/revisions\/58672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/58671"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=58670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=58670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=58670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}