
Blockchain infrastructure and tokenization platform Paxos has secured in-principle approvals from the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM) for the necessary financial services licenses to issue stablecoins in USD and other currencies, as well as to offer cryptobroking and custody services from two ADGM regulated entities.
After receiving full approval, Paxos will continue to expand the global footprint of their USD-backed regulated stablecoins.
By securing oversight for custody infrastructure and digital asset solutions, Paxos services provided outside ADGM will be fully regulated by the FSRA.
Walter Hessert, Head of Paxon Strategy, commented:
“Blockchain technology is revolutionizing the global financial system to be more open, secure and innovative. Today’s announcement marks another milestone in Paxos’ ability to provide billions of users with secure and reliable digital asset services. Our IPAs from the FSRA, following our IPA from the Monetary Authority of Singapore, reinforce our commitment to pursue international growth through regulatory frameworks. Paxos is unique in the industry for this approach and we will continue to expand our regulatory licenses to serve global businesses as a trusted, innovative partner.”
All Paxos stablecoins are fully backed 1:1 by the US Dollar and cash equivalents, ensuring they are stable, secure and reliable.