Zand Bags License To Offer Crypto Custody In UAE

Zand, a digital bank based in the UAE, has achieved an important goal by getting a crypto custodial license from Dubai’s Virtual Asset Regulatory Authority (VARA). This makes Zand the first bank in the UAE to provide digital asset and crypto custody services for institutions under its banking license. Zand Plans to Launch an AED Stablecoin According to the announcement, Zand will offer custody solutions designed for corporate and institutional clients. This marks a new phase in the UAE’s growing digital asset industry. Furthermore, the bank will launch a stablecoin tied to the AED, supporting the region’s goal to incorporate blockchain technology into its financial system. Meanwhile, Zand will use Hardware Security Modules (HSMs) to protect private keys and meet high security standards. These HSMs will be stored securely in the UAE. The bank affirmed that VARA’s regulatory oversight and innovative method will give businesses a safe and compliant way to manage their digital assets. Notably, the AED stablecoin aims to support the UAE’s push for a digital economy. A Step Closer to AE Coin Recall that the Central Bank of the UAE (CBUAE) granted in-principle approval to AED Stablecoin in October . This approval marked a step towards issuing the region’s first fully regulated, Dirham-pegged token. It also aligns with the government’s vision for the future, particularly the UAE’s Digital Government Strategy 2025. However, it brings AED Stablecoin closer to realizing its vision of launching AE Coin, a dirham-pegged digital currency. AE Coin could transform how residents and merchants engage with digital assets if fully approved. Likewise, it can become a local trading pair widely accepted for goods and services. It could also help users integrate crypto assets into their everyday lives in the UAE . Beyond Zand, UAE and Crypto Regulatory Clarity The UAE’s progressive regulatory environment is perfect for exchanges and financial institutions’ ambitious objectives. It enables them to function smoothly within an advanced financial ecosystem. Brad Garlinghouse, Ripple’s CEO, commended the UAE for its innovative regulatory approach . He said the region is positioning itself as a model for fostering fintech advancement in a rapidly evolving global market. In June, Binance boosted its operations in the Middle East by securing a Crypto Asset Service Provider (VASP) license from VARA . As reported by TheCoinRise, the VASP license, obtained through Binance’s Dubai subsidiary, Binance FZE, is a testament to Binance’s commitment to operating within the framework of local laws and regulations. The post Zand Bags License To Offer Crypto Custody In UAE appeared first on TheCoinrise.com .