The other day it became known that the Monetary Authority of Singapore approved the application of the Paxos crypto company to conduct activities in the country. The decision to issue the appropriate license was taken by all regulatory bodies unanimously.
Paxos, by the way, has been afloat for quite a long time in the field of digital assets and blockchain technologies. So, for the entire period of its active activity, Paxos, founded in 2012, managed to develop a considerable number of cryptocurrency projects that are popular until today. We are talking about startups such as Paxos Standard (PAX), Binance USD (BUSD), PAX Gold (PAXG), and Pax Dollar (USDP).
According to the official statement of the company, the approval received from the Singapore regulator will allow Paxos to provide local companies with services in the field of digital assets and distributed ledger technology, by the "Payment Services Law".
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Among other things, the expansion of the geography of activities will bring benefits not only to the issuer of stablecoins but also to its partners abroad. So, soon, Paxos partner firms will be able to start using the company as an intermediary to expand their own services in Asia, which, in turn, will also positively affect the income of the crypto firm.
“We are delighted to finally be part of the Singaporean financial system. Our company is incredibly grateful to the Monetary Authority for its trust and support. We are confident that with such a regulator, we will achieve success in popularizing and developing the cryptocurrency industry,” commented Rich Theo, CEO of Paxos Asia, commenting on entering the Singapore market.
Paxos said in a press release that their main focus in Singapore will be the secure introduction of digital technologies to the country's largest enterprises. This, the company is sure, will make it possible very soon to turn the Asian state into the capital of the most successful and advanced technology corporations in the world.