Crypto-friendly policies in the United Arab Emirates (UAE) have been ramping up recently, with another leading financial institution making a big splash in the crypto industry.
Growth for Everyone Involved
Arab Bank Switzerland – the Swiss subsidiary of the Arab Bank, has partnered with the Tezos Foundation to enable institutional crypto custody, per a press release. The partnership will see Arab Bank Switzerland integrate Tezos’ XTZ token to ensure seamless asset custody while also adding services like staking and trading for the coin.
The new service will be targeted at high-net-worth individuals and large institutions. Arab Bank Switzerland explained that it had chosen XTZ because of the coin’s focus on energy conservation, quick upgrades, and gas fee reduction.
Commenting on the new development, Rani Jabban, Arab Bank Switzerland’s managing director, explained that cryptocurrencies remain an important part of the bank’s strategy going forward.
Jabban pointed out that Arab Bank Switzerland understands the need for agility and security when dealing with cryptocurrencies. The bank is looking to merge tradition and innovation while ensuring that customers’ funds are safe. In Tezos’s scalable infrastructure, the bank has a reliable partner.
Massive Crypto Adoption on Foreign Shores
The move underscores what appears to be a continued embrace from both Swiss banking institutions and the UAE. Swiss banks have been known for their foresight and innovation, so it’s no surprise that they are pushing ahead with crypto adoption.
Last week, SEBA Bank AG – a regulated Swiss financial institution that focuses on digital asset offering, announced that it had gotten a CISA license from the Swiss Financial Market Authority (FINMA) to offer institutional-grade custodial services for investment schemes.
The license, SEBA has become the world’s first crypto-centric bank to gain a custody license. The institution will be able to expand its investment opportunities to professional clients in the digital asset market.
The UAE has also welcomed the use of crypto trading through the Dubai free trade zone.
Last month, the Dubai World Trade Centre Authority (DWTCA) reached an agreement with the UAE’s Securities and Commodities Authority (SCA) to support crypto trading regulation within the DWTCA free zone.
The new initiative will establish a framework for the DWTCA to issue all needed licenses and approvals for crypto-related financial services in the region. As part of the agreement, the SCA will monitor all crypto-related activities – including asset listing, issuance, trading, and licensing.
Maryam Al Suwaidi, the SCA’s acting chief executive, explained that the new project aligns with the DWTCA’s commitment to expand its services as a free zone and support the growth of emerging technologies. Dubai intends to become a digital-led economy, and the DWTCA will be looking to support blockchain and crypto-enabled businesses in any way it can.
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