Crypto firm Paxos has received in-principle approval from Abu Dhabi’s regulator to issue stablecoins and provide digital asset services. The Financial Services Regulatory Authority in the Abu Dhabi Global Market has granted Paxos approval to issue U.S. dollar-backed stablecoins and offer crypto-brokerage and custody services in the Emirate. This approval follows a similar move by regulators in Singapore. Paxos plans to expand the use of its stablecoins upon full approval and emphasizes transparency and reliability in its stablecoin reserves. The company aims to pursue international growth through regulated frameworks and serve as a trusted partner to global enterprises. The Abu Dhabi Global Market introduced comprehensive regulations related to distributed ledger technology on November 1.

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Information	Details
Geography	Middle East
Countries	🇦🇪 🇸🇬
Sentiment	positive
Relevance Score	1
People	Walter Hessert
Companies	Paxos, Monetary Authority of Singapore, Financial Services Regulatory Authority, PayPal, Abu Dhabi Global Market
Currencies	PayPal USD, Stablecoin, US Dollar
Securities	None