Paxos, a crypto infrastructure firm, has received in-principle approval from the Abu Dhabi Financial Services Regulatory Authority (FSRA) to introduce stablecoins in the United Arab Emirates (UAE). This means that Paxos will soon be able to issue US dollar-backed stablecoins and provide crypto-brokerage and custody services in the region. The FSRA is a financial regulator in the Abu Dhabi Global Market (ADGM). This approval follows a similar decision in Singapore, where regulators recently approved the introduction of US dollar-backed stablecoins and made revisions to regulatory frameworks for stablecoins issued by the country’s central bank. Walter Hessert, Paxos’ Head of Strategy, sees this as a significant milestone for the company’s ability to provide safe and trusted digital asset services to billions of users. Paxos aims to pursue international growth through regulated frameworks and expand its regulatory licensing to serve global enterprises. Established in 2012, Paxos has been a pioneer in the crypto sector, initially as a brokerage and later as a tokenization platform. It is known for issuing stablecoins such as Binance USD (BUSD) and Paypal’s PYUSD. However, due to issues with the US Securities and Exchange Commission (SEC) over Binance and BUSD, Paxos has shifted its focus to Singapore and the UAE. The UAE, particularly Abu Dhabi, has become a growing hub for cryptocurrency, with clear and rigorous regulations in place. In fact, the country has even established a committee dedicated solely to crypto concerns.

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Information	Details
Geography	Middle East
Countries	🇦🇪 🇸🇬
Sentiment	very positive
Relevance Score	1
People	Walter Hessert
Companies	Paxos, United States’ Securities and Exchange Commission (SEC), Abu Dhabi Financial Services Regulatory Authority (FSRA), Monetary Authority of Singapore, Binance
Currencies	PayPal USD, BUSD, US Dollar, Pax Dollar
Securities	None