Norton Rose Fulbright Facilitates Paxos’ FSRA Approval Milestone

The Dubai office of Norton Rose Fulbright has played a pivotal role in advising Paxos on securing In Principle Approvals (IPAs) from the Financial Services Regulatory Authority (FSRA) for operating regulated entities within the Abu Dhabi Global Market (ADGM).  

This landmark approval enables Paxos, a regulated blockchain infrastructure and tokenization platform, to engage in the issuance of stablecoins and provide various digital asset services. Notably, Paxos is among the pioneering entities to receive an IPA from the FSRA for issuing stablecoins backed by currencies such as the US dollar within the ADGM. 
 
The Norton Rose Fulbright team advising on this deal was led by Counsel Andre Abou Aad (pictured right) and Partner Matthew Shanahan (pictured left), supported by Associate Hasanali Pirbhai and Trainee Jack Abrehart. 
 
Counsel Andre Abou Aad said: 
“We were delighted to be able to assist Paxos with obtaining this In Principle Approval, which sees Paxos further expand the global footprint of its regulated stablecoins and solidify its impressive commitment to pursuing international growth through regulated tokenisation frameworks. 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.” 
 
Norton Rose Fulbright’s Dubai office is renowned for its comprehensive legal services, excelling particularly in financial services regulation, technology, energy, infrastructure, transport, real estate, and hospitality.