Paxos Secures In-Principle Approvals for Stablecoin Issuance in Abu Dhabi

<p>Paxos,
a blockchain and tokenization infrastructure platform, has secured in-principle
approvals from the Abu Dhabi Global Market's (ADGM) Financial Services
Regulatory Authority (FSRA). The approvals pave the way for Paxos to issue USD
and other currency-backed stablecoins, as well as provide crypto-brokerage and
custody services through two regulated ADGM entities.</p><p>Paxos
Eyes Global Expansion for Regulated Stablecoins</p><p>Upon
receiving full approval, Paxos plans to extend the global reach of its
regulated USD-backed stablecoins. According to the company, it emphasizes transparency,
accountability, and integrity by adhering to regulatory compliance. </p><p>Paxos
highlights engaging with regulators to shape digital asset rules and maintains AML
and KYC standards. The recent in-principle approvals from FSRA add to Paxos'
regulatory attainments with approvals from New York, Singapore, and ADGM.</p><p>Walter
Hessert, Paxos Head of Strategy, stated: "Our IPAs from the FSRA…
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."</p><p>According
to Paxos, it aims to leverage blockchain technology to create a more open and
secure global financial system, providing increased access and freedom to people.
The company's stablecoins are fully backed 1:1 by the US Dollar and cash
equivalents. Paxos will issue monthly attestations and reserve reports for
transparency.</p><blockquote><p lang="en" dir="ltr">Paxos expands to Abu Dhabi with two new in-principle approvals <a href="https://t.co/y3QxNW0ApI">https://t.co/y3QxNW0ApI</a></p>— The Block (@TheBlock__) <a href="https://twitter.com/TheBlock__/status/1729878163839500685?ref_src=twsrc%5Etfw">November 29, 2023</a></blockquote><p>Paxos
Secures MAS Approval for Digital Asset Services in Singapore</p><p>In
an earlier report at <a href="https://www.financemagnates.com/">Finance Magnates</a>,
it was stated that <a href="https://www.financemagnates.com/cryptocurrency/news/paxos-gains-in-principal-approval-from-singapore-regulator/">Paxos
had secured in-principle approval from the Monetary Authority of Singapore</a>
(MAS) for a license under the Payment Services Act 2019. This approval allows
Paxos to offer its digital asset and blockchain products and services to
customers in Singapore, facilitating the expansion of its services in Asian
markets. </p><p><a href="https://www.financemagnates.com/tag/paxos/">Paxos</a> expressed contentment
about having MAS as their regulator, emphasizing that the oversight will
accelerate global consumer adoption of digital assets. Paxos notably became the
first blockchain service provider to obtain licenses in New York and Singapore.
The inclusion of MAS
approval has contributed to Paxos' regulatory portfolio, considering the
rigorous evaluation process applied by MAS for crypto licenses.</p>

This article was written by Tareq Sikder at www.financemagnates.com.