Crypto exchange Paxos has just received "in-principle" approval from the Monetary Authority of Singapore (MAS) to offer services related to cryptocurrencies and other digital assets in the country.
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According to the press release shared by the company, the license is issued under the Payment Services Act 2019.
The law extends anti-money laundering and anti-terrorist financing rules, which are mandatory for financial market players, to cryptocurrency companies, including trading platforms and custodians.
After receiving the MAS approval, Paxos can offer its products and services to customers in Singapore. The license also allows the exchange to help partners expand into the Asian market.