The post Stablecoin Issuer Paxos To Acquire Membrane Finance to Gain EU Access appeared on BitcoinEthereumNews.com.

Stablecoin issuer Paxos will acquire the Finnish E-money institution Membrane Finance. While subject to regulatory approval, the move will expand Paxos’ globally regulated platform into the European Union (EU).  Paxos, the world’s leading regulated blockchain and tokenization infrastructure, agreed to acquire Membrane Finance, a Finnish-based and regulated Electronic Money Institution (EMI). The deal is subject to regulatory approval, but if granted, it will make the stablecoin issuer a fully licensed EMI in Finland and the European Union (EU).  Acquisition Will Expand Paxos’ Reach Into the EU Stablecoin issuer Paxos announced today that it agreed to acquire Membrane Finance, an Electronic Money Institution (EMI) based and licensed in Finland. In a press release, Paxos said the acquisition is subject to regulatory approval but will make the platform a fully licensed EMI in Finland and the EU when finalized.  Membrane Finance holds a Finnish Financial Supervisory Authority license, which is recognized in 30 countries across Europe, granting Paxos regulatory access in these countries. Paxos is the leading regulated issuer of USD-backed stablecoins available to retail and institutional users in numerous jurisdictions worldwide. The acquisition of Membrane will allow Paxos to expand its platform to serve customers European customers under regulatory compliance. The platform explained that it would make its portfolio of assets and tokenization solutions compliant with the EU’s landmark Markets in Crypto Asset (MiCA) regulatory framework.  Walter Hessert, Head of Strategy at Paxos, commented on the importance of stablecoins. “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…

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Filed under: News - @ November 21, 2024 2:26 am