Paxos Secures Approval for Digital Asset Operations in Abu Dhabi
Paxos, a blockchain and tokenization infrastructure provider, has secured preliminary approvals from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi, marking a significant expansion into the Middle East’s digital asset sector.
These approvals pave the way for Paxos to issue U.S. dollar-pegged stablecoins and introduce crypto brokerage and custodial services within the Abu Dhabi Global Market (ADGM). Operating under two regulated frameworks in the ADGM, pending final confirmation, Paxos emphasizes its commitment to strict compliance with FSRA regulations for its custody and digital asset infrastructure services.
Walter Hessert, Paxos’s Head of Strategy, highlighted these milestones as a testament to the company’s dedication to providing safe and trusted digital asset services on a global scale. The move aligns with the broader trend of companies extending operations into the UAE and follows regulatory initiatives introduced by the FSRA in September. Paxos now adheres to regulatory standards in New York, Singapore, and ADGM, reinforcing its position in the evolving blockchain landscape.
Clever Robot News Desk 2nd December 2023