UAE banks signal digital asset demand with Taurus, Zand collaboration UAE banks signal digital asset demand with Taurus, Zand collaboration
UAE's first digital bank Zand partners with Swiss firm Taurus to offer crypto services.
2 min read
Updated: Jul. 3, 2024 at 5:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Swiss crypto firm Taurus Managing Director Bashir Kazour said traditional financial institutions in the UAE, like banks, are eager to launch digital asset services.
Kazour made the statement amid the firm’s new partnership with Zand, the UAE’s first digital bank, to offer digital asset services.
Zand to leverage Taurus solutions
Through the partnership, Zand will use Taurus’ leading custody and tokenization solutions. This will allow Zand to expand its digital asset offerings to include cryptocurrencies, tokenized securities, and NFTs.
Zand is fully licensed and regulated by the Central Bank of the United Arab Emirates (CBUAE). It provides both retail and corporate services and received its license in 2022.
Zand CEO Michael Chan described the partnership as a benchmark for digital asset services. He stated:
“Our partnership with Taurus signifies a new benchmark for digital asset services, marking a new era of banking excellence where security, versatility, and client-centric solutions converge to redefine the very essence of the digital economy.”
Kazour noted that this partnership with Zand signals strong demand from banks in the UAE and the Gulf Cooperation Council (GCC) region for digital asset services.
UAE’s pro-crypto stance
Furthermore, Kazour pointed out that the partnership with Zand reflects the UAE’s progress as a leading digital asset hub.
In recent years, the UAE has become a popular destination for crypto companies seeking supportive investors and regulators. This is in contrast to major markets like the US, which has adopted a more restrictive approach to the emerging industry.
Due to this favorable stance, major crypto firms like Binance and OKX have expanded into the UAE. Last month, Hashed Ventures also expanded its presence in the region, capitalizing on the favorable regulatory environment.
Taurus aims to leverage this environment, with Kazour stating that the firm is “further investing in the UAE to service our clients with both a Swiss and a regional touch.”
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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