{"id":65956,"date":"2023-11-30T11:27:05","date_gmt":"2023-11-30T15:27:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65956"},"modified":"2023-11-30T11:29:22","modified_gmt":"2023-11-30T15:29:22","slug":"abu-dhabi-grants-paxos-approval-for-stablecoin-issuance","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/abu-dhabi-grants-paxos-approval-for-stablecoin-issuance\/","title":{"rendered":"Abu Dhabi Grants Paxos Approval for Stablecoin Issuance"},"content":{"rendered":"\n

The Financial Services Regulatory Authority has given its in-principle clearance for stablecoin issuer Paxos<\/a> to launch stablecoins in Abu Dhabi.<\/p>\n\n\n\n

\"Abu
Abu Dhabi Grants Paxos Approval for Stablecoin Issuance<\/figcaption><\/figure>\n\n\n\n

The Financial Services Regulatory Authority in Abu Dhabi<\/a> has granted two in-principle permissions to Paxos, a stablecoin issuer and cryptocurrency brokerage.<\/p>\n\n\n\n

According to a press statement on November 29, 2023, the regulator's approval permits the company to create stablecoins backed by the U.S. dollar and foreign currencies. <\/p>\n\n\n\n

With its headquarters in New York, the corporation can now provide custody and crypto-brokerage services in the area. Walter Hessert, Head of Strategy at Paxos, said:<\/p>\n\n\n\n

\n

“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>\n<\/blockquote>\n\n\n\n

Only a few weeks have passed since Paxos obtained preliminary approval to launch stablecoins backed by the U.S. dollar in Singapore. Now, the company is expanding to Abu Dhabi. <\/p>\n\n\n\n

Even before its primary rules went into effect, the Monetary Authority of Singapore<\/a> declared that the stablecoin complied with the regulatory framework suggested by the regulator.<\/p>\n\n\n\n

Rumors circulated in early 2023 that the New York Department of Financial Services had begun looking into Paxos. In response to the rumors, the company released a statement stating that the Office of the Comptroller of the Currency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (OCC) in New York had yet to request that it drop its application for a national trust bank charter.<\/p>\n\n\n\n

A few days later, in response to a Wells notice from the U.S. Securities and Exchange Commission, Paxos stopped minting the Binance USD stablecoin.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Services Regulatory Authority has given its in-principle clearance for stablecoin issuer Paxos to launch stablecoins in Abu Dhabi. The Financial Services Regulatory Authority in Abu Dhabi has granted two in-principle permissions to Paxos, a stablecoin issuer and cryptocurrency brokerage. According to a press statement on November 29, 2023, the regulator’s approval permits the […]<\/p>\n","protected":false},"author":43,"featured_media":65958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1822,292,1531],"class_list":["post-65956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-abu-dhabi","tag-paxos","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/croc_1701355265247.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65956"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65956\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/65958"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}