July 2, 2023

Julius Baer Keen To Offer Crypto Services in Dubai

Julius Baer

Julius Baer

Julius Baer, the Swiss banking group, decided to expand its operations in the Middle East region by opening a new office in Dubai, according to Bloomberg

Through its first-of-its-kind move beyond Switzerland, Julius Baer seeks to provide digital assets-related services. It said in a statement that its Middle Eastern subsidiary JBME would apply imminently for “a digital assets license variation” to the Dubai Financial Services Authority. Through this license, the company will arrange and provide advice and custodial services on digital assets like Bitcoin, Ether, and other cryptocurrencies. 

According to Jonathan Hayes, the bank’s head of digital assets development, the Swiss company sees the UAE as a key geography for business, pointing to the increasing economic development. 

Hayes noted that Julius Baer has recently begun offering a new service that is based on crypto lending to selected clients as the clients can borrow against digital assets custodied with the bank, making it one of the first private banks to offer such a service. 

Several crypto companies showed their preference for the UAE rather than the US in terms of friendly crypto regulations. Crypto exchanges such as Binance, OKX and Crypto.com, have all applied for licenses with Dubai’s Virtual Assets Regulatory Authority. Also, prominent crypto leaders, during the Dubai Fintech Summit, praised the UAE digital infrastructure as ideal for the prosperity of the crypto industry,

Moreover, the UAE comes in first place globally in terms of the percentage of people who are owning crypto assets, according to TripleA, as the Arab Gulf country has more than 2.6 million holders of cryptocurrencies.

Earlier in June, Binance Dubai General Manager Alex Chehade told Cointelegraph that the UAE is a prime destination for Binance and crypto businesses, noting that the UAE would be the next major crypto hub in the world for many reasons, topped by its friendly regulations of digital assets.

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