• Paxos announces that it has received the green light to operate in Abu Dhabi. 

• Recently, the company also announced that it has received preliminary approval to operate in Singapore.  

Crypto brokerage firm, Paxos, has announced that it has received approval to extend the issuance of stablecoins to Abu Dhabi and also conduct digital asset services within the region. In other words, Paxos would offer “crypto-brokerage and custody services.” The In-Principle approval was granted by Abu Dhabi Global Market. 

According to Walter Hessert, Paxos’ Head of Strategy, the current development is a testament that the company has what it takes to provide trusted digital asset services to millions of customers globally. This also signifies how blockchain technology is inspiring a revolution in the global financial system to be more open, secure, and innovative. 

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. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.

The company continues to ensure that the financial system is accessible to everyone according to a press release containing comprehensive details of this news. With this development, it continues to stay true to its mission, leading the way in digital asset innovation. 

Paxos Gets License to Operate in Singapore

About two weeks ago, Paxos announced that it had received a preliminary license to offer digital payment token services in Singapore. The approval was given by the Monetary Authority of Singapore, and it ensures that the brokerage firm extends its services to customers recognized in the Payments Services Act (PSA), pending full approval. Once the full approval is granted, Paxos will issue a stablecoin backed by the USD in partnership with the enterprise clients according to the company. 

Paxos Head of Strategy Walter Hessert stressed the difficulties for consumers outside the US to get the dollar safely.

Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably, and under regulatory protections.

Paxos Asia CEO Rich Teo disclosed that the company is the first U.S.-based crypto firm to get a license to operate in the region. 

From the start, we’ve been committed to innovating within regulatory frameworks. We believe blockchain and digital assets will revolutionize finance for everyone around the world, but the development of this technology must have clear oversight and consumer protections. We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.

According to the executives of Paxos, this approval would assist the company in getting new customers while there are higher demands for the asset class. Brokerage firm Bernstein believes that the stablecoin market could grow from $125 billion to $2.8 trillion in five years. 

Tether (USDT) is the biggest stablecoin in the ecosystem with a market cap of $89,299,096,826. Circle’s USDC is the second largest stablecoin with a market cap of $24,438,183,405.