Paxos Enters the Middle East: Receives Key Approvals for Crypto Operations in ADGM
Paxos, a blockchain and tokenization infrastructure provider, has received preliminary approvals from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi. This marks a significant step for Paxos as it allows the company to issue stablecoins pegged to the U.S. dollar and offer crypto brokerage and custodial services in the Abu Dhabi Global Market (ADGM).
Expanding into a Growing Digital Asset Sector
Paxos sees these endorsements as an important move into the rapidly evolving digital asset sector in the Middle East. The company will operate under two regulated frameworks within the ADGM, pending final confirmation. Paxos is committed to ensuring its custody and infrastructure services comply with FSRA’s stringent regulations.
Paxos’s Commitment to International Growth
According to Walter Hessert, head of strategy at Paxos, the approvals from FSRA and the Monetary Authority of Singapore demonstrate the company’s dedication to pursuing international growth through regulated frameworks.
Embracing Regulatory Standards
A growing number of companies are expanding their operations in the UAE, particularly in Dubai and the ADGM. With the introduction of regulatory principles by the FSRA, companies like Pyypl and Phoenix Group have secured funding and conducted successful IPOs. Paxos now adheres to the regulatory standards of New York, Singapore, and ADGM.
A Revolution in the Financial System
Paxos believes that blockchain technology is revolutionizing the global financial system by making it more open, secure, and innovative.
Hot Take: Paxos Secures Approvals to Enter the Middle East Crypto Market
Paxos has received preliminary approvals from the FSRA of Abu Dhabi, paving the way for the company to offer stablecoins and crypto services in the ADGM. This move reflects the growing interest in the Middle East’s digital asset sector. By operating under regulated frameworks and complying with strict regulations, Paxos aims to provide safe and trusted services to billions of users. The company’s commitment to international growth and adherence to regulatory standards further solidify its position in the global blockchain industry. Paxos sees blockchain technology as a catalyst for revolutionizing the financial system by enhancing openness, security, and innovation.
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