Paxos Granted Approval to Issue Stablecoins and Conduct Digital Asset Services in Abu Dhabi

Paxos has received preliminary 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 granted Paxos in-principle approval to issue U.S. dollar-backed stablecoins and offer crypto-brokerage and custody services in the Emirate. This follows a similar approval from regulators in Singapore, where Paxos plans to launch a U.S. dollar-backed stablecoin. Paxos plans to expand the use of its stablecoins upon full approval and emphasizes transparency regarding its stablecoin reserves.