Paxos Secures In Principle Approvals for Stablecoin Issuance and Crypto Services in Abu Dhabi These preliminary approvals
mark Paxos’s significant venture into the rapidly evolving digital asset sector in the Middle East, the company explained on Wednesday.
Paxos is set to operate under two regulated frameworks within the ADGM, pending final confirmation. In addition,
Paxos has expressed its dedication to ensuring its custody and digital asset infrastructure services are fully compliant with FSRA’s stringent regulations.
A significant number of companies
have recently been extending their operations into the United Arab Emirates (UAE), Dubai, and the Abu Dhabi Global Market (ADGM). In mid-September, the FSRA, ADGM’s financial watchdog, introduced six guiding principles to shape its strategy for regulating and supervising virtual assets.
Subsequent to these regulatory developments,
Pyypl, a fintech company based in Abu Dhabi, secured $20 million in Series B funding, while the bitcoin mining company Phoenix Group announced its oversubscribed initial public offering (IPO). Paxos has stated that it now adheres to the regulatory standards of New York, Singapore, and ADGM.
