The YouTuber is taking on the heavyweight legend in a controversial bout in Texas on July 20 and the results of the contest will appear on both of their records.
The bout will have specific conditions, however, including that it can only consist of eight two-minute rounds while 14oz gloves must be worn by both competitors.
The Texas Department of Licensing and Regulation (TDLR) says it has conducted a review of both Paul and Tyson, evaluating the records of both fighters as well as the pair's medical history before approving a professional fight with "certain waivers".
The TDLR said: "The safety of the contestants competing in the ring or the octagon is always the primary concern."
Nakisa Bidarian, of Paul's Most Valuable Promotions (MVP), said: "Mike Tyson and Jake Paul signed on to fight each other with the desire to do so in a sanctioned professional fight that would have a definitive outcome."
Tyson previously confessed that he was "scared to death" of stepping into the ring with the social media star who is almost three decades his junior.
The former world champion told Fox News: "I have a weird personality - I don't think it's weird though. Whatever I'm afraid to do, I do it. That's how it is. I was afraid of the Roy Jones Jr. fight (in 2020).
"I was 100 pounds overweight, I was however old, 54, 53, and I said ‘Let’s do it.' Anything I'm afraid of, I confront it. That's my personality. Right now, I'm scared to death."
