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Paxos gets preliminary approval to issue stablecoin in Abu Dhabi

Paxos, a cryptocurrency company, has received preliminary approval from the Abu Dhabi regulator on two fronts: issuing stablecoins and providing digital asset services.

In an announcement dated November 29, Paxos he declared Abu Dhabi Global Market said the Financial Services Regulatory Authority had given preliminary approval to the company to issue US dollar-backed stablecoins and “provide crypto brokerage and custody services” in the emirate. Approval Follow-up Regulators in Singapore made a similar move, where Paxos said its local startup would launch a US dollar-backed stablecoin.

“Our IPAs from the FSRA, following the Singapore Monetary Authority’s IPA, reinforce our commitment to driving international growth through regulated environments,” said Walter Hessert, chief strategy officer at Paxos. “Paxos is unique in the industry in this approach, and we will continue to expand our regulatory licenses to serve as trusted and innovative partners to global organizations.”

According to Paxos, the company will continue to expand the use of stablecoins after full approval. The company reiterated that its stablecoin reserves are “stable, safe and reliable.” In August, PayPal launched the PYUSD stablecoin issued by Paxos.

Abu Dhabi Global Market on 1 November Comprehensive legislation was introduced It’s about distributed ledger technology. The region began drafting cryptocurrency regulations in 2018.

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