Norton Rose Fulbright Advised Paxos in Securing FSRA Approval
Norton Rose Fulbright Advised Paxos in Securing FSRA Approval
Norton Rose Fulbright's Dubai office has played a crucial role in advising Paxos, a leading regulated blockchain and tokenisation infrastructure platform, on securing In Principle Approvals (IPAs) from the Financial Services Regulatory Authority (FSRA). This significant development paves the way for Paxos to operate regulated entities within the Abu Dhabi Global Market (ADGM), a leading international financial centre.
This landmark authorisation enables Paxos to operate as a regulated entity within the ADGM, paving the way for the issuance of stablecoins and the provision of various digital asset services. Crucially, Paxos stands as one of the first companies to receive an IPA for issuing stablecoins backed by established currencies like the US dollar within the ADGM.
The Norton Rose Fulbright team that navigated Paxos through the ADGM regulatory process was led by Counsel André Abou Aad and Partner Matthew Shanahan. They were ably supported by Associate Hasanali Pirbhai and Trainee Jack Abrehart.
Counsel Andre Abou Aad expressed delight at assisting Paxos in obtaining the In Principle Approval, enabling the further expansion of Paxos' regulated stablecoins globally.
“We are grateful to be able to support our clients on cutting-edge establishments as they look to expand into the region and contribute to the UAE becoming one of the world’s premier crypto hubs,” Andre Abou Aad said.
