Paxos, a Blockchain infrastructure and distinctive code platform, announced on Monday that it had applied to convert the New York Trust to a national Trust Code under the supervision of the Currency Financial Office (OCC).
This step will place the Paxos license under the supervision of the United States of Federal, and replace the current New York Financial Services License (NYDFS), and reflects what the company described as “its steadfast commitment to maintaining the highest regulatory standards of any blocks infrastructure platform and the distinguished code platform in the world.”
Paxos has worked under NYDFS censorship since 2015, when it became the first Blockchain and Tokenisation company to receive limited purpose trust charter. In 2018, it released the first stablecoin organization.
The approval of the OCC Charter will witness the Paxos organization in the United States, as well as its current supervision of the financial supervisory authority in Europe, the monetary authority in Singapore, and the organizational body for financial services in the Abu Dhabi Global Market.
The company said that this multidisciplinary framework gives institutions “unparalleled” for their solutions and origins all over the world.
“For more than a decade, Paxos has placed organizational supervision and compliance tape,” said Charles Kaskarilla, CEO and co -founder. “By applying for the National Charter at Al -Thiqa, we continue to submit partners to the safer institutions and consumers and the most trusted infrastructure.”
Paxos said that all its issued assets are still fully supported by reserves in US dollars, treasury and monetary rewards, with 1: 1 recovery.
He added that customers can expect a service without interruption during the transition.