Abu Dhabi Grants In-Principle Approvals to Paxos Cryptocurrency Firm


Paxos, a blockchain infrastructure company based in New York, has reached another milestone by expanding its global reach. On Wednesday, the company announced that it has received two preliminary approvals from the Financial Services Regulatory Authority Abu Dhabi Global Market (ADGM) for the issuance of stablecoins, crypto brokerage and custody services.

The services and products offered by Paxos will be regulated by FSRA-regulated companies. The agency will also regulate the company’s services offered out of Abu Dhabi. Walter Hessert, Head of Strategy at Paxos, said, “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 has partnered with many players in the crypto- and financial industries, including PayPal, Mastercard, Nubank, Bank America, Mercado Libre, and Societe Generale. An example of a stablecoin is the Paxos Standard (PAX), which is pegged to US dollars. Paxos also offers Pax Gold (PAXG), a tokenized gold asset.

In February, the company ended its relationship with Binance over the branding and issue of Binance USD (BUSD), following an order from the New York Department of Financial Services (NYDFS).

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