Crypto firm Paxos has secured in-principle approval from Abu Dhabi’s regulator on two fronts: to issue stablecoins and conduct digital asset services.
In a Nov. 29 announcement, Paxos said the Financial Services Regulatory Authority in the Abu Dhabi Global Market had granted in-principle approval for the company to issue United States dollar-backed stablecoins as well as “offer crypto-brokerage and custody services” in the emirate. The approval followed a similar move by regulators in Singapore, where Paxos said its local entity would launch a U.S. dollar-backed stablecoin.
“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,” said Paxos head of strategy Walter Hessert. “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.”
According to Paxos, it will continue to expand the use of its stablecoins upon full approval. The firm reiterated transparency regarding its stablecoin reserves as “stable, safe, and reliable.” PayPal launched its PYUSD stablecoin issued by Paxos in August.
On Nov. 1, the Abu Dhabi Global Market introduced comprehensive regulations related to distributed ledger technology. The region began preparing regulations on cryptocurrency in 2018.
Ms Sultana also said she was “resigning” from the Labour Party after 14 years.
She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.
Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.
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However, Ms Sultana was still a member of the Labour Party – until now.
Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.
The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.
Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.
In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.
Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.
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On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.
She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.
Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.
She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.
Image: Ms Sultana called Nigel Farage a ‘billionaire-backed grifter’. Pic: PA
The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.
“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.
“We are not going to take this anymore.”
A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.
“Only Labour can deliver the change needed to renew Britain.”