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Paxos receives in-principle approval to issue stablecoins in Abu Dhabi

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Crypto agency Paxos has secured in-principle approval from Abu Dhabi’s regulator on two fronts: to concern stablecoins and conduct digital asset providers.

In a Nov. 29 announcement, Paxos mentioned the Monetary Companies Regulatory Authority within the Abu Dhabi International Market had granted in-principle approval for the corporate to concern U.S. dollar-backed stablecoins, in addition to “provide crypto-brokerage and custody providers” within the Emirate. The approval adopted the same transfer by regulators in Singapore, the place Paxos mentioned its native entity would launch a U.S. dollar-backed stablecoin.

“Our IPAs from the FSRA, on the heels of our IPA from the Financial Authority of Singapore, solidify our dedication to pursuing worldwide progress via regulated frameworks,” mentioned Paxos head of technique Walter Hessert. “Paxos is exclusive within the business for this strategy and we’ll proceed increasing our regulatory licensing to serve international enterprises as a trusted, revolutionary companion.”

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In line with Paxos, it is going to proceed to increase the usage of its stablecoins upon full approval. The agency reiterated transparency concerning its stablecoin reserves as “secure, protected, and dependable.” PayPal launched its PYUSD stablecoin issued by Paxos in August.

On Nov. 1, the Abu Dhabi International Market launched complete rules associated to distributed ledger expertise. The area started making ready rules on cryptocurrency beginning in 2018.

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