Stablecoin

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<div class="cryptonews">
 <p class="is-style-lead">Stablecoin issuer Paxos has received in-principle approvals from the Financial Services Regulatory Authority to issue stablecoins in Abu Dhabi.</p>
 <p>Paxos, a cryptocurrency brokerage firm and <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> <a rel="noopener noreferrer nofollow" title="issue" href="https://thebittimes.com/tag/issue.html">issue</a>r, has secured two in-principle approvals of the Financial Services Regulatory Authority in Abu Dhabi.</p>
 <p>According to a press release on Nov. 29, 2023, the <a rel="noopener noreferrer nofollow" title="greenlight" href="https://thebittimes.com/tag/greenlight.html">greenlight</a> from the regulator allows the firm to <a rel="noopener noreferrer nofollow" title="issue" href="https://thebittimes.com/tag/issue.html">issue</a> U.S. dollar and other currency-backed <a rel="noopener noreferrer nofollow" title="stablecoins" href="https://thebittimes.com/tag/stablecoins.html">stablecoins</a>. The New York-headquartered company can now also offer crypto-brokerage and custody services in the region.</p>
 <blockquote class="wp-block-quote">
  <p>“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.”</p>
  <p>Paxos Head of Strategy, Walter Hessert</p>
 </blockquote>
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 <p>The expansion in Abi Dhabi comes just a few weeks after Paxos received 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.</p>
 <p>In early 2023 reports surfaced that the New York Department of Financial Services started investigating Paxos. Following the rumors, the firm <a rel="noopener noreferrer nofollow" title="issue" href="https://thebittimes.com/tag/issue.html">issue</a>d 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).</p>
 <p>A few days later, Paxos halted minting the Binance USD stablecoin following a Wells notice from the U.S. Securities and Exchange Commission.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/paxos-gets-the-greenlight-to-issue-stablecoins-in-abu-dhabi-tbt72153.html">https://thebittimes.com/paxos-gets-the-greenlight-to-issue-stablecoins-in-abu-dhabi-tbt72153.html</a></p>

Paxos gets the greenlight to issue stablecoins in Abu Dhabi

TheBitTimes

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