The director of Swiss crypto firm Taurus, Bashir Kazour, said traditional financial institutions in the UAE, such as banks, are keen to launch digital asset services.
Kazour made the statement during the company’s new partnership with Zand, the UAE’s first digital bank, which offers digital asset services.
Sand to leverage Taurus solutions
Through the partnership, Zand will utilize Taurus’ industry-leading custody and tokenization solutions. This allows Zand to expand its digital asset offering to include cryptocurrencies, tokenized securities and NFTs.
Sand is fully licensed and regulated by the Central Bank of the United Arab Emirates (CBUAE). It offers both retail and business services and received the license in 2022.
Zand CEO Michael Chan described the partnership as a benchmark for digital asset services. He claimed:
“Our partnership with Taurus sets a new benchmark for digital asset services, marking a new era of banking excellence, where security, versatility and customer-centric solutions come together to redefine the 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.
The 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 looking for supportive investors and regulators. This contrasts with major markets such as the US, which have taken a more restrictive approach to the emerging industry.
Due to this favorable attitude, major crypto companies such as Binance and OKX have done so expanded to the UAE. Last month, Hashed Ventures also expanded its presence in the region, taking advantage of the favorable regulatory environment.
Taurus is looking to leverage this environment, with Kazour stating that the company is “further investing in the UAE to serve our customers with both a Swiss and regional touch.”