Commercial Bank International PJSC (CBI) and Fuze, a
digital asset infrastructure provider, have signed a Memorandum of
Understanding to explore and develop digital asset solutions within the
UAE’s comprehensive regulatory frameworks. According to a statement shared on Zawya, this
partnership signals a pivotal step in addressing the rising demand for
regulated cryptocurrency services.
Exploring the Regulated Crypto Market
Giovanni Everduin, the Chief Strategy and Innovation
Officer of Commercial Bank International, mentioned: “Pooling the
knowledge, expertise, and resources of CBI and Fuze will help us explore a
range of innovative new digital assets use cases for business and personal
finance.”
“This agreement will bring our customers closer
to the many opportunities of digital assets within a safe and regulated
environment, in line with the UAE‘s world-class virtual assets
regulations.”
The collaboration between CBI and Fuze aims to
bolster the UAE’s expanding digital assets ecosystem. By leveraging
technologies and regulatory frameworks, both entities plan to facilitate
financial inclusivity and advance the digital transformation of the country’s
financial sector.
Dubai’s crypto sector is experiencing exponential growth. Despite challenges like market volatility and trust issues, a survey
from KuCoin released last year highlighted the thriving crypto landscape in the
UAE.
UAE’s Crypto Landscape
According to the report, 59% of crypto users in the
region perceive cryptocurrency as a reliable long-term investment, showcasing its
potential as a store of value. Moreover, 35% see crypto as a diversification
tool, while 11% have adopted it as a hedge against inflation.
The survey revealed that crypto is a
convenient asset storage method for 29% of respondents, challenging traditional
banking systems. Additionally, 22% utilize crypto for daily transactions, while
12% rely on it for cross-border remittances because of its practicality and
versatility.
Security emerged as a top priority for crypto
users in the UAE, with 63% emphasizing it in their choice of exchanges. Brand reputation
and customer support also play pivotal roles, underlining the growing
discernment within the community regarding safeguarding digital assets.
Bitcoin remains the preferred choice for 72% of crypto investors in the UAE, followed by Ethereum at 52%. The region’s advantageous position, including access to funding, robust infrastructure, favorable regulations, and global networks, boosts its status as a growing hub for the development of the crypto industry.
Commercial Bank International PJSC (CBI) and Fuze, a
digital asset infrastructure provider, have signed a Memorandum of
Understanding to explore and develop digital asset solutions within the
UAE’s comprehensive regulatory frameworks. According to a statement shared on Zawya, this
partnership signals a pivotal step in addressing the rising demand for
regulated cryptocurrency services.
Exploring the Regulated Crypto Market
Giovanni Everduin, the Chief Strategy and Innovation
Officer of Commercial Bank International, mentioned: “Pooling the
knowledge, expertise, and resources of CBI and Fuze will help us explore a
range of innovative new digital assets use cases for business and personal
finance.”
“This agreement will bring our customers closer
to the many opportunities of digital assets within a safe and regulated
environment, in line with the UAE‘s world-class virtual assets
regulations.”
The collaboration between CBI and Fuze aims to
bolster the UAE’s expanding digital assets ecosystem. By leveraging
technologies and regulatory frameworks, both entities plan to facilitate
financial inclusivity and advance the digital transformation of the country’s
financial sector.
Dubai’s crypto sector is experiencing exponential growth. Despite challenges like market volatility and trust issues, a survey
from KuCoin released last year highlighted the thriving crypto landscape in the
UAE.
UAE’s Crypto Landscape
According to the report, 59% of crypto users in the
region perceive cryptocurrency as a reliable long-term investment, showcasing its
potential as a store of value. Moreover, 35% see crypto as a diversification
tool, while 11% have adopted it as a hedge against inflation.
The survey revealed that crypto is a
convenient asset storage method for 29% of respondents, challenging traditional
banking systems. Additionally, 22% utilize crypto for daily transactions, while
12% rely on it for cross-border remittances because of its practicality and
versatility.
Security emerged as a top priority for crypto
users in the UAE, with 63% emphasizing it in their choice of exchanges. Brand reputation
and customer support also play pivotal roles, underlining the growing
discernment within the community regarding safeguarding digital assets.
Bitcoin remains the preferred choice for 72% of crypto investors in the UAE, followed by Ethereum at 52%. The region’s advantageous position, including access to funding, robust infrastructure, favorable regulations, and global networks, boosts its status as a growing hub for the development of the crypto industry.
