Paxos Receives In Principle Approvals from the Financial Services Regulatory Authority to Issue Stablecoins and Conduct Digital Asset Services from the Abu Dhabi Global Market
NEW YORK and ABU DHABI, UAE, Nov. 29, 2023 /PRNewswire/ — Paxos, the leading regulated blockchain & tokenization infrastructure platform, secured the in-principle approvals (IPAs) of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) for the necessary Financial Services Permissions to issue US dollar and other currency-backed stablecoins, as well as to offer crypto-brokerage and custody services from two regulated ADGM entities. Upon receiving full approval, Paxos will continue to expand the global footprint of their regulated USD-backed stablecoins.
Paxos is ushering in a new era of stablecoin utility and mainstream adoption. The company’s commitment to transparency, accountability and integrity is exemplified by its adherence to regulatory compliance and proactively seeking oversight. Stablecoins issued with prudential oversight from established and reputable regulators represent a significant step towards democratizing access to commerce and financial services. Paxos is committed to integrity and transparency in its operations and the company will only issue tokens that are subject to oversight by prudential regulators. By also securing oversight for its custody and digital asset infrastructure solutions, Paxos services that are provided out of the ADGM will be comprehensively regulated by the FSRA.
Paxos consistently pursues growth in global markets within regulated frameworks and engages with regulators to help inform digital asset rules. The company maintains the rigorous AML and KYC standards established by leading financial markets like the US and Singapore. Paxos activities in this region will uphold the same rigor. This milestone solidifies Paxos’ position as the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in New York, Singapore and the ADGM.
Walter Hessert, Paxos Head of Strategy, commented, “Blockchain technology is revolutionizing the global financial system to be more open, secure and innovative. Today’s announcement marks yet another milestone in Paxos’ ability to provide billions of users with safe and trusted digital asset services. 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. 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.”
By leveraging blockchain technology, Paxos aims to open the financial system to everyone, creating more access and freedom for billions of people around the world. As Paxos continues to lead the way in digital asset innovation, the company remains committed to its mission of building a more inclusive and accessible financial future.
All Paxos stablecoins are fully backed 1:1 by the US Dollar and cash equivalents, ensuring that they are stable, safe, and reliable. Similar to its other tokens, Paxos will issue monthly attestations and reserve reports so that all holders know exactly what they own. Please visit https://paxos.com/regulation-and-transparency/ to learn more.
About Paxos
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos partners with leading global enterprises to tokenize, custody, trade and settle assets. Its blockchain solutions are used by institutions like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America and Societe Generale. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Prudentially regulated by the NYDFS in the US and the MAS in Singapore, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
CONTACT: press@paxos.com
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