The post Paxos To Acquire Membrane Finance To Expand Its Presence In EU  appeared first on Coinpedia Fintech News

In the latest development, Paxos, the leading regulated blockchain and tokenization infrastructure platform, has announced that it has agreed to acquire Membrane Finance (Membrane), an Electronic Money Institution (EMI) based and licensed in Finland. The acquisition is subject to regulatory approval. Upon completion of the acquisition, Paxos will be a fully licensed EMI in Finland and the EU.

This acquisition will allow Paxos to expand its globally regulated platform to serve European customers in a safe and compliant way. Specifically, Paxos intends to make its portfolio of assets and tokenization solutions compliant with Markets in Crypto Asset (MiCA) regulations.

Paxos and its affiliates are already regulated in New York, Abu Dhabi and Singapore. Under Europe’s MiCA regulations crypto legislation, registration in one state is passported to all other member states.

“Stablecoins offer a global solution to challenges that countless people and companies feel when it comes to money movement and payments. Stablecoins are becoming increasingly more prevalent throughout the market as more use cases emerge for everyday users. The Paxos platform offers the safest, most compliant stablecoins and stablecoin infrastructure globally. With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins,” Walter Hessert, Head of Strategy at Paxos, commented. 

The move comes five months after the E.U.’s comprehensive Markets in Crypto Asset regulations for stablecoins came into effect. The Markets in Crypto-Assets regulations are set to take effect across the EU on December 30, 2024.

Paxos has already secured regulatory approval from authorities such as the New York State Department of Financial Services, the Monetary Authority of Singapore, and Abu Dhabi Global Market’s Financial Regulatory Services Authority.