Swiss private bank Julius Baer is launching crypto services in Dubai. 28, Bloomberg reported.
The Zurich-based bank will apply for a “modification of digital asset license” to complement its existing license, it said.
Julius Baer has been offering cryptocurrency services since the beginning of 2020, but this will be the first time outside of Switzerland.
In 2022, Dubai will attract several crypto giants, including exchanges Binance and OKX. Established the Virtual Asset Regulatory Authority (VARA) as a regulatory authority for crypto assets, making it an attractive alternative to the United States, where regulations are unclear, for crypto asset companies.
Related article: “Crypto Hub 2023” Top 15 countries and regions chosen by cryptocurrency professionals ──Shift from North America to the East?
Julius Baer did not respond to a request for comment as of this writing.
｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
| Image: Dubai (Shutterstock)
| Original: Julius Baer Eyes Expansion to Dubai for Crypto Services: Bloomberg