Paxos Gains Green Light for Stablecoin Issuance in Abu Dhabi

• Paxos Gains Pre-Approval for Crypto Services in Abu Dhabi
• Financial Services Regulatory Authority's (FSRA) Authorizations
• The Role of International Growth
• Paxos' Commitment to Transparency Amid Regulatory Changes
• Navigating Expansion Through Regulated Frameworks
• Paxos' International Growth Amid Binance Developments

Paxos Gains Pre-Approval for Crypto Services in Abu Dhabi

In a recent update, Paxos, a leading cryptocurrency company, was given initial approval to provide USD-pegged stablecoins and associated crypto services in Abu Dhabi. This comes on the heels of similar progress in Singapore.

Financial Services Regulatory Authority's (FSRA) Authorizations

Paxos announced its preliminary authorizations from the FSRA, which operates within the Abu Dhabi Global Market (ADGM). This tentative approval paves the way for Paxos to create new stablecoins after receiving final approvals.

The Role of International Growth

Paxos has expressed its dedication to fostering international growth through regulated frameworks. The company's recent in-principle authorizations from the FSRA, as well as the Monetary Authority of Singapore, reinforce this commitment.

Paxos' Commitment to Transparency Amid Regulatory Changes

The ADGM is in the process of updating its digital asset regulations to foster innovation while maintaining investor protections and risk controls. Paxos champions its commitment to transparency, particularly regarding the reserves backing tokens such as the BUSD stablecoin which was issued for Binance.

Navigating Expansion Through Regulated Frameworks

As part of its expansion strategy, Paxos adopts an approach that closely mirrors the infrastructure of traditional financial services. This strategy emphasizes the use of regulated frameworks, which aligns with the company's commitment to transparency.

Paxos' International Growth Amid Binance Developments

The company's affirmation of its international growth strategy coincides with recent developments involving its founding stablecoin, BUSD. Binance, a key exchange for BUSD, announced plans to phase out the stablecoin by mid-December. This follows a directive issued in February by New York regulators instructing the firm to stop minting BUSD due to undisclosed concerns.

Edited by Jonathan Stoker