Stablecoin issuer Paxos has received in-principle approvals from the Financial Services Regulatory Authority to issue stablecoins in Abu Dhabi. Paxos, 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 press release 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. The expansion in Abu Dhabi comes just a few weeks after Paxos received in-principle approval to issue stablecoins pegged to the U.S. dollar in Singapore.
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