Paxos secures in-principle approvals to conduct digital asset services in Abu Dhabi
Blockchain and tokenization infrastructure platform Paxos has secured in-principle approvals of 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 from two regulated ADGM entities.
Upon receiving full approval, Paxos will continue to expand the global footprint of their regulated USD-backed stablecoins.
By securing oversight for its custody and digital asset infrastructure solutions, Paxos services that are provided out of the ADGM will be comprehensively regulated by the FSRA.
Walter Hessert, Paxos Head of Strategy, commented:
“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. 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.”
All Paxos stablecoins are fully backed 1:1 by the US Dollar and cash equivalents, ensuring that they are stable, safe, and reliable.