Paxos, a blockchain and tokenization infrastructure platform, has secured in-principle approvals from the Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA). The approvals pave the way for Paxos to issue USD and other currency-backed stablecoins, as well as provide crypto-brokerage and custody services through two regulated ADGM entities.
Paxos Eyes Global Expansion for Regulated Stablecoins
Upon receiving full approval, Paxos plans to extend the global reach of its regulated USD-backed stablecoins. According to the company, it emphasizes transparency, accountability, and integrity by adhering to regulatory compliance.
Paxos highlighted engaging with regulators to shape digital asset rules and maintaining AML and KYC standards. The recent in-principle approvals from FSRA add to Paxos' regulatory attainments with approvals from New York, Singapore, and ADGM.
Walter Hessert, the Head of Strategy at Paxos, stated: "Our IPAs from the FSRA... solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach, and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner."
According to Paxos, it aims to leverage blockchain technology to create a more open and secure global financial system, providing increased access and freedom to people. The company's stablecoins are fully backed 1:1 by the US Dollar and cash equivalents. Paxos will issue monthly attestations and reserve reports for transparency.
Paxos expands to Abu Dhabi with two new in-principle approvals https://t.co/y3QxNW0ApI
— The Block (@TheBlock__) November 29, 2023
Paxos Secures MAS Approval for Digital Asset Services in Singapore
In an earlier report at Finance Magnates, it was stated that Paxos had secured in-principle approval from the Monetary Authority of Singapore(MAS) for a license under the Payment Services Act 2019. This approval allows Paxos to offer its digital asset and blockchain products and services to customers in Singapore, facilitating the expansion of its services in Asian markets.
Paxos expressed contentment about having MAS as their regulator, emphasizing that the oversight will accelerate global consumer adoption of digital assets. Paxos notably became the first blockchain service provider to obtain licenses in New York and Singapore. The inclusion of MAS approval has contributed to Paxos' regulatory portfolio, considering the rigorous evaluation process applied by MAS for crypto licenses.
This article was written by Tareq Sikder at www.financemagnates.com.
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