In an interesting tale of growth, stablecoin issuer Paxos, announced that it earned in-principle approvals (IPAs) to operate in Abu Dhabi Global Markets.
The latest development ensued after the blockchain-focused network earned approval to operate in Singapore.
Paxos Earns Abu Dhabi Approvals
Per a press statement via PRNewswire, the stablecoin provider received approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA).
The IPAs legally authorize Paxos to issue stablecoins backed by USD and other fiats. Moreover, this permission allows the stablecoin issuer to offer crypto crypto-brokerage and custody services from two regulated ADGM entities.
While this is a partial approval, the full approval will mean that the firm’s service through ADGM will be regulated under the FSRA. This move solidifies the crypto firm as the most well-regulated blockchain network in the world.
When speaking about the developments, Paxos’ head of strategy, Walter Hessert, said,
“Blockchain technology is revolutionizing the global financial system to be more open, secure and innovative. Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks.”
The press statement underscores Paxos’ commitment to transparency, accountability and regulatory compliance across the globe.
Comes After Singapore Approval
The recent approval in Abu Dhabi came only a fortnight after Paxos earned a similar approval in Singapore. On November 15, the crypto firm released a statement highlighting an initial approval from the Monetary Authority of Singapore (MAS). This approval allows the stablecoin issuer to offer virtual payment token services through Paxos Digital Singapore Pte. Ltd.
Singapore‘s MAS noted that Paxos’ stablecoin complies hugely with the proposed regulatory framework for such assets.
Homed in New York, reports indicated earlier this year the crypto network was under investigation by the New York State Department. Paxos issued a statement highlighting its continued cooperation with the NY Office of the Controller of the Currency.