Paxos announces it has received two preliminary approvals in Abu Dhabi.

According to BlockBeats news on November 29th, Paxos has received two provisional approvals from the Abu Dhabi Global Market Financial Services Regulatory Authority to issue stablecoins and provide cryptocurrency brokerage and custody services, as reported by The Block. A Paxos spokesperson stated that the company is expected to receive full approval in the first half of next year, which will enable Paxos to issue new stablecoins backed by the US dollar and other currencies from Abu Dhabi.