Paxos Global Pte Ltd being licensed under The Payment Services Act
The Payment Services Act issued by the Monetary Authority of Singapore (MAS), serves as a framework for the regulation of payment systems and payment service providers in Singapore.
As a company incorporated in Singapore, Paxos Global Pte Ltd (PTE) will comply with all regulatory requirements of the Payment Services Act. Effective from 1st October 2022, PTE has received full approval to the Major Payment Institution License (MPIL) from the MAS, rendering us one of the first payment service providers in Singapore to receive this license. As part of this approval of the MPIL license, PTE has been approved to conduct “cross-border money transfer” and “digital payment token services” activities, which will enable us to continue to provide all our existing services to you under the supervision of the MAS.
How will “Paxos Global Pte Ltd” being licensed by the Monetary Authority of Singapore affect you?
Being a licensee of the MPIL, PTE will be subject to requirements under the PS Act, Payment Services Regulations (PS Regulations) and various Notices and Guidelines issued pursuant to the MAS Act and PS Act.
These include ongoing requirements for PTE to safeguard customer fiat balance, ensure sufficient controls to meet anti-money laundering / combating the financing of terrorism (AML/CFT) requirements, provide sufficient disclosures and communications to customers and submit periodic regulatory reports to the MAS amongst other key requirements.
Here at Paxos, we believe in a “Regulatory First” approach where we seek to not just offer the best products, but also build trust with our regulators and customers. As a PTE customer, there are no actions required on your end to enjoy the benefits of these additional safeguards and protections being put in place to meet MAS requirements.