PAX Gold (PAXG) is the first regulated token pegged to the price of gold. PAX Gold enables direct investment in gold without the complications associated with physical gold and with all the benefits of being a token.
PAX Gold is an ERC-20 token built on the Ethereum blockchain. It is the inaugural cryptocurrency asset exchangeable for physical gold and has been approved by the NYDFS (New York State Department of Financial Services). The NYDFS has recognized PAXG as “the first gold-backed virtual currency in New York State.” Each PAXG token is backed by one troy ounce of pure gold from a 400 oz London Good Delivery bar, secured in professional Brink vaults. Ownership of the PAXG token equates to ownership of the represented gold, with the added convenience of moving and storing them like any other token, streamlining the process compared to owning physical gold (which necessitates storage and is not easily tradeable).
Users can convert tokens to and from fiat currency (Euro) or redeem them for physical gold bars. Token holders can verify the serial number, brand code, gross weight, fineness, and net weight of their bars, ensuring transparency within the project.
How much is 1 PAXG worth?
PAXG mirrors the value of gold. Currently, 1 PAXG = 2178.77
Additional Information on Pax Gold
For those who want to learn more, please visit the official website of Pax Gold.
Official Website: PAX Gold (PAXG)
Documentation:PAXG Documentation
Whitepaper: PAXG Whitepaper
Further Reading: Academy – Pax Gold: the gold-backed cryptocurrency
Contacts: Help Centre: PAXOS Contact
Phone Number: (855) 880 5275
Regulatory Authority (NY): New York State Department of Financial Services, One State Street, New York, NY 10004-1511, 1-800-342-3736
Law Enforcement: [email protected]
PAXG in the context of MiCA
The entry into force of European Regulation No. 2023/1114 of 31 May 2023, relating to Markets in Crypto-assets (MiCA), marked a fundamental milestone for stablecoins and the digital asset market across the entire European Economic Area (EEA). The first block of the regulation came into effect on 30 June 2024, significantly impacting stablecoins. MiCA defines stablecoins into two main categories: Asset-Referenced Tokens (ART) and E-money Tokens (EMT), for which specific requirements are outlined in Articles 16 and 48 of the regulation. Additionally, on 25 June 2024, the Italian government approved a Legislative Decree to align the national regulatory framework with the MiCA Regulation, ensuring coordination with the existing sector regulations in Italy, particularly the TUB and the TUF.
Disclaimer
This marketing communication is issued by Young Platform S.p.a., an authorised cryptocurrency exchange and a registered digital asset service provider in France (Prestataire de Services sur Actifs Numériques – Autorité des Marchés Financiers) and in Italy (Operatore Valute Virtuali (PSV1) – Organismo Agenti e Mediatori).
Young Platform S.p.a. is not responsible for such content, any errors contained within it, or actions taken about it. The news content and third-party reviews or opinions are provided for informational purposes only and should not be considered investment advice. This information does not constitute a recommendation to purchase or sell a particular digital asset or an investment strategy. Young Platform S.p.a. makes no warranties regarding the accuracy, suitability, or validity of the information provided or any particular asset. Prices are provided for illustrative purposes only and may vary. The data presented may reflect assets traded on the Young Platform S.p.a. platform and on selected other cryptocurrency exchange platforms.
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