Dubai office advises Paxos on landmark FSRA approval to conduct digital asset services and issue stablecoins

Global law firm Norton Rose Fulbright has advised Paxos on obtaining In Principle Approvals (IPAs) from the Financial Services Regulatory Authority (FSRA) to operate regulated entities in the Abu Dhabi Global Market (ADGM) for issuing stablecoins and providing other digital asset services.

Paxos, a leading regulated blockchain infrastructure and tokenization platform, partners with global enterprises to tokenize, custody, trade and settle assets. It is one of the first entities to receive an IPA from the FSRA for the issuance of US dollar and other currency-backed stablecoins from the ADGM.

The Norton Rose Fulbright team advising on this deal was led by Counsel Andre Abou Aad and Partner Matthew Shanahan, 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 offers a full-service practice and has particularly strong experience in financial services regulation, technology, energy, infrastructure, transport, real estate and hospitality. 

The regional financial services and regulation team provides a unique business offering, with two senior ex-regulators on its roster possessing more than two decades of combined experience. The team has an excellent reputation and is ranked for its strength in advising FinTech entities, including crypto exchanges and digital asset service providers, on their establishment and licensing in the UAE.