Paxos is expanding to Abu Dhabi with two new approvals.
Paxos, its global footprint expanding, has secured two preliminary approvals in Abu Dhabi as part of its ongoing international expansion in the crypto space.
Announced on Wednesday that it has obtained two in-principle approvals from the Financial Services Regulatory Authority in the Abu Dhabi Global Market. These approvals allow Paxos to issue stablecoins and provide cryptocurrency brokerage and custody services. The green light comes as the company establishes two new entities within the ADGM.
Expects full approval in the first half of next year Once granted, these approvals will enable Paxos to launch new stablecoins backed by USD and other currencies from Abu Dhabi. However, the current emphasis for Paxos is on introducing a new stablecoin pegged to the USD.
From Singapore to Abu Dhabi
The expansion plan into Abu Dhabi follows Paxos receiving in-principle approval from the Monetary Authority of Singapore just two weeks ago. This approval pertains to Paxos’ new local entity, which is set to introduce a USD-backed stablecoin in the country.
“Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks,”
Walter Hessert, head of strategy at, said in a statement.
“We will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”
Similar to its entity in Singapore, unit in ADGM will empower the company to form partnerships akin to PayPal in the U.S., as conveyed by the spokesperson. Additionally, it will have the capability to onboard customers based in Abu Dhabi for its cryptocurrency brokerage and custody services.
Established in 2012, boasts backing from prominent investors such as Bank of America, Peter Thiel’s Founders Fund, and Coinbase Ventures. The company has successfully raised over $540 million in total funding to date and achieved a valuation of $2.4 billion in its latest Series D round in 2021.
