Paxos has achieved a milestone with the receipt of in-principle approvals (IPAs) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). These approvals enable Paxos to issue US dollars and other currency-backed stablecoins and provide crypto-brokerage and custody services.
The IPAs affirm Paxos’s dedication to regulatory compliance and proactive cooperation with regulatory bodies, positioning the company as a pioneer in democratizing financial services and commerce through stablecoins.
Paxos’s operations within the ADGM will encompass custody and digital asset solutions, all under the FSRA’s comprehensive regulatory framework.
Walter Hessert, Head of Strategy at Paxos, highlighted the company’s role in revolutionizing the global financial system with blockchain technology. The FSRA approvals, alongside those from the Monetary Authority of Singapore, demonstrate Paxos’s commitment to expanding within regulated frameworks internationally.
In its mission to create a more inclusive and accessible financial future, Paxos ensures that the US dollar and cash equivalents fully back all its stablecoins. The company promises transparency by issuing regular attestations and reserve reports, giving holders precise information about their assets. Paxos continues to lead in digital asset innovation, committed to opening the financial system to a broader audience worldwide.