Swiss cryptocurrency infrastructure platform Taurus has entered into a strategic partnership with Zand Bank of the United Arab Emirates (UAE). This collaboration aims to bolster Zand’s capabilities in custody services, tokenization of assets, and connectivity to blockchain networks.
Utilizing Taurus’ robust infrastructure solutions, Zand will be empowered to tokenize a wide array of financial and real-world assets across both permissioned and permissionless blockchains, adhering to UAE regulatory standards. Taurus’ node infrastructure will play a pivotal role in this setup.
In addition to asset tokenization, Taurus will provide comprehensive custody solutions covering cryptocurrencies, digital currencies, and non-fungible tokens (NFTs).
Zand Bank, headquartered in Dubai and operating without physical branches, achieved a significant milestone in 2022 by becoming the first fully digital bank licensed by the Central Bank of the UAE (CBUAE). This move underscores the UAE’s ongoing transformation of its financial infrastructure, which includes stringent Anti-Money Laundering (AML) measures and crackdowns on unlicensed virtual asset service providers.
Commenting on the regulatory landscape, Bashir Kazour, Managing Director of Taurus, highlighted the CBUAE’s proactive reforms aimed at fortifying the digital financial sector. These efforts culminated in February with the UAE’s removal from the Financial Action Task Force’s gray list, streamlining international financial transactions in the oil-rich nation.
The UAE’s regulatory updates, particularly concerning stablecoin licensing, have attracted attention for their potential impact on foreign investments. Despite perceived complexities, the UAE has become a magnet for cryptocurrency enterprises, with notable firms such as Binance, Crypto.com, and Solana relocating and securing licenses.
Taurus, known for its integration with the Polygon blockchain since June 2023, boasts backing from major institutions like Swiss Arab Bank, Deutsche Bank, and Credit Suisse. The platform serves a diverse clientele ranging from large financial institutions to small and medium enterprises (SMEs), extending its operational footprint to Turkey and Canada.
This collaboration between Taurus and Zand Bank exemplifies Dubai’s growing prominence as a hub for digital banking and cryptocurrency innovation, encapsulated in the evolving landscape of Crypto City.