Paxos, the issuer of PAXG has continued leading developments for regulated blockchain infrastructure platforms. Last month Paxos received a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services in the country.
Paxos can now offer the PAXG, along with its other digital assets and blockchain services in Singapore. The license makes Paxos the first U.S.-Based blockchain infrastructure platform to secure regulatory oversight in key financial hubs of New York and Singapore.
To assure users of the safety of their funds amidst the growing volatility and distrust in the crypto industry, on December 13th, Paxos’ treasury and operations departments processed more than $3 billion in customer stablecoin redemptions.
The experiment from Paxos, which holds the first limited-purpose trust charter for digital assets from the New York Department of Financial Services (NYDFS), was to reassure users of the company’s reserves and corporate controls can withstand any external stress.
Paxos has also submitted its recommendations to the Financial Stability Board (FSB) on how best agencies can safely regulate a global, fiat-backed stablecoin, and its issuer. Paxos notes that stablecoins should be overseen with the “same activity, same risk, same regulations” used in traditional finance.
However, Paxos argues that the Money transmitter licenses (MTLs) and money services business licenses (MSBs) are insufficient for the safe issuance of stablecoins. Paxos believes that stablecoin issuers should follow a strict framework to protect consumers.
Paxos has also partnered to launch Crypto SourceTM, a first-of-its-kind technology solution designed to enable financial institutions to bring secure crypto trading capabilities and services to their customers.
By partnering with MasterCard its financial institution partners suite of buy, hold, and sell services for select crypto assets, augmented with a proven identity, cyber, security, and advisory services.
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- Source: https://dailycoin.com/pax-gold-paxg-project-review-recent-developments-future-events-community/
