Paxos, an adjustable tokenization infrastructure and platform, announced today that it has applied for the conversion of the New York Financial Services Department of the Ministry of Financial Services (NYDFS) into a National Charter of Confidence under the supervision of the OCC Comptroller Office (OCC).
This strategic move will place Paxos under federal supervision and underline its consistent commitment to maintain the highest regulatory standards of any infrastructure and promotion platform worldwide.
Since 2015, the company has been operating under the supervision of the New York Ministry of Financial Services (NYDFS) when it became the first Blockchain and Tokenization company to be given a limited confidence map and issued the first adjustable Stablecoin in 2018.
A National OCC trust map will enhance Paxos’ commitment to maintain the highest worldwide standards for security and transparency. Following approval, Paxos will be adjusted by OCC to the United States, along with existing Fin-FSA supervision in Europe, MAS in Singapore and FSRA on the world market in Abu Dhabi. This multi -court framework provides unmatched access to PAXOS solutions and assets to businesses worldwide.
“For over a decade, Paxos has set the bar for regulatory supervision and compliance,” said Charles Cascarilla, CEO and co -founder of Paxos. “By applying for a map of the National Bank Trust Bank, we continue to offer entrepreneurs and consumers with the safest, more reliable infrastructure infrastructure.
All assets issued by Paxos will remain fully supported by bankruptcy reserves in US dollars, US treasures and cash equivalents, ensuring a 1: 1 guaranteed acquisition.