Crypto brokerage company Paxos is planning to seek regulatory approval from the Office of the Comptroller of the Currency(OCC) of the United States to attain a national Trust Bank charter. Paxos pioneers to become the first crypto company to obtain regulatory approval at both state and federal levels. According to the official blogpost, Paxos will be the first licensed Trust Bank to custody and manage cryptocurrencies in the U.S markets. With the latest decision, Paxos is striving to expand its markets and build infrastructure for the modern financial market. Furthermore, it aims to serve customers efficiently.
Dynamics of Paxos regulatory approval
Paxos earlier received regulatory approval from the New York State Department of Financial Services (NYDFS) as a nation Trust Bank Charter. NYDFS is a pioneer regulator in New York to push financial innovation. Paxos is committed to the NYDFS Trust Bank Charter to set market standards for regulating the digital asset space. The stablecoin issuer, Paxos, always adapted a keen approach towards placing regulations first. Therefore, it’s the attempt to gain a national Trust Bank Charter has been successful. NYDFS plans to reinvent virtual digital asset regulations to empower innovation in the digital financial industry. Therefore, it approves of providing Paxos with a regulated-Trust Bank charter.
Recently Paxos partnered with PayPal to offer custody and trading services. Amidst the current approval, it continues to do. Additionally, it will provide various services like issuing NYDFS backed regulated tokens, custody services, running itBit cryptocurrency exchange, and much more. It aims to contribute tremendously to this space with the support of NYDFS. With the top-notch regulatory standards, Paxos works towards fueling the digital asset space by building innovative products that can drive long term commitment from its existing clientele.
Nonetheless, Paxos bridges the gap between digital assets and regulatory bodies, therefore mitigating risks relating to regulatory approval. The company offers a range of services for crypto enterprises, investors, and institutions. Additionally, the company owns offices in Singapore, New York, and London.
Recently, Revolut is working towards providing crypto services to U.S customers powered by Paxos. Seeking regulatory approval for a full-fledged crypto bank is indeed a milestone for Paxos.
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