Paxos Receives In-Principle Approvals to Issue Stablecoins in Abu Dhabi

Paxos, the premier regulated blockchain infrastructure platform, announced yesterday (November 29) that it has received in-principle approvals (IPAs) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) for the necessary Financial Services Permissions to issue US dollar and other currency-backed stablecoins, as well as to offer crypto-brokerage and custody services through its two regulated ADGM entities.

According to the company, upon obtaining full approval, Paxos will proceed to increase the worldwide presence of its regulated USD-backed stablecoins.

"Blockchain technology is revolutionizing the global financial system to be more open, secure and innovative. Today's announcement marks yet another milestone in Paxos' ability to provide billions of users with safe and trusted digital asset services," said Walter Hessert, Head of Strategy at Paxos. "Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore (MAS), solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner."

In the middle of this month, Paxos secured a preliminary license from MAS​ to offer digital payment token services in the region.