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Stablecoin issuer Paxos has received in-principle approvals from the Financial Services Regulatory Authority to issue stablecoins in Abu Dhabi. 
<a href="https://crypto.news/tag/paxos" target="_blank" rel="noreferrer noopener">Paxos</a>, a cryptocurrency brokerage firm and stablecoin issuer, has secured two in-principle approvals of the Financial Services Regulatory Authority in Abu Dhabi. 
According to a <a href="https://www.prnewswire.com/news-releases/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-302000692.html" target="_blank" rel="noreferrer noopener">press release</a> on Nov. 29, 2023, the greenlight from the regulator allows the firm to issue U.S. dollar and other currency-backed stablecoins. The New York-headquartered company can now also offer crypto-brokerage and custody services in the region. 
<blockquote class="wp-block-quote"> 
 “Our in-principle approvals from the Financial Services Regulatory Authority, on the heels of our in-principle approval from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks.” 
 Paxos Head of Strategy, Walter Hessert 
</blockquote> 
 You might also like: <a href="https://crypto.news/paxos-to-issue-usd-stablecoin-in-singapore/"> Paxos to issue USD stablecoin in Singapore </a> 
The expansion in Abi Dhabi comes just a few weeks after Paxos <a href="https://crypto.news/paxos-to-issue-usd-stablecoin-in-singapore/" target="_blank" rel="noreferrer noopener">received</a> in-principle approval to issue stablecoins pegged to the U.S. dollar in Singapore. The Monetary Authority of&nbsp;Singapore&nbsp;recognized the stablecoin as compliant with the regulatory framework proposed by the regulator even before its main provisions came into force. 
In early 2023 reports <a href="https://crypto.news/paxos-reportedly-investigated-by-new-york-officials/" target="_blank" rel="noreferrer noopener">surfaced</a> that the New York Department of Financial Services started investigating Paxos. Following the rumors, the firm issued a statement, saying it had not been asked to withdraw its application for a national trust bank charter from the New York’s Office of the Comptroller of the Currency (OCC). 
A few days later, Paxos <a href="https://crypto.news/paxos-to-stop-minting-new-busd-stablecoin/" target="_blank" rel="noreferrer noopener">halted</a> minting the Binance USD stablecoin following a Wells notice from the U.S. Securities and Exchange Commission. 
 You might also like: <a href="https://crypto.news/bitcoin-miner-returns-to-paxos-500k-in-mistakenly-paid-fees/"> Bitcoin miner returns to Paxos $500k in mistakenly paid fees </a>

Paxos gets the greenlight to issue stablecoins in Abu Dhabi

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