Crypto Firm Paxos Receives Approval to Issue Stablecoins and Conduct Digital Asset Services
Crypto firm Paxos has obtained in-principle approval from Abu Dhabi’s regulator to issue stablecoins and provide digital asset services. The Financial Services Regulatory Authority in the Abu Dhabi Global Market granted approval for Paxos to issue stablecoins backed by the US dollar and offer crypto-brokerage and custody services in the emirate. This follows a similar approval from regulators in Singapore, where Paxos plans to launch a US dollar-backed stablecoin. Paxos aims to pursue international growth through regulated frameworks, expanding its regulatory licensing to serve global enterprises as a trusted partner.
Expansion of Stablecoin Use Upon Full Approval
Paxos intends to expand the use of its stablecoins once it receives full approval. The company emphasizes the transparency and reliability of its stablecoin reserves, ensuring they are stable and safe. In August, PayPal launched its PYUSD stablecoin, which was issued by Paxos. The Abu Dhabi Global Market introduced comprehensive regulations on distributed ledger technology on November 1. The region has been working on cryptocurrency regulations since 2018.
Hot Take: Paxos Sets Its Sights on International Growth with Regulatory Approvals
Paxos is making significant strides towards international growth by obtaining regulatory approvals in Abu Dhabi and Singapore. With the in-principle approval to issue stablecoins and provide digital asset services, Paxos is positioning itself as a trusted partner for global enterprises. The company’s commitment to transparency and reliability is evident through its emphasis on stablecoin reserves. As Paxos expands its regulatory licensing, it aims to serve a wider range of customers while adhering to regulated frameworks. By securing these approvals, Paxos demonstrates its dedication to operating within legal boundaries while offering innovative solutions in the crypto industry.
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