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After Singapore, Paxos received approvals to issue stablecoins in the Abu Dhabi Global Market (ADGM).
What Happened: The regulated blockchain and tokenization infrastructure platform was granted in-principle approvals (IPAs) by the Financial Services Regulatory Authority (FSRA) in the ADGM.
It has secured the necessary Financial Services Permissions to issue USD and other currency-backed stablecoins and offer crypto-brokerage and custody services from two regulated ADGM entities.
Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, 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, Paxos Head of Strategy Walter Hessert commented.
Full approvals are expected in the first half of 2024, The Block reported.
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Why It Matters: The ADGM unit will enable Paxos to create partnerships like PayPal in the U.S. and bring on board Abu Dhabi-based customers for its crypto brokerage and custody services.
In early November, Abu Dhabi Global Market launched comprehensive regulations related to distributed ledger technology.
Paxos, founded in 2012, is backed by high-profile investors, including Bank of America, Peter Thiel's Founders Fund and Coinbase Ventures. It assures issuance of stablecoins that will have prudential oversight from established and reputable regulators.
Also Read: Global Banking Agency Has A Warning For Stablecoins
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