Swiss fintech platform Taurus has entered into a collaboration with Zand Bank in the United Arab Emirates (UAE) to enhance Zand’s custody and tokenization capabilities, along with improving blockchain connectivity.
Taurus’ infrastructure solutions will empower Zand to issue tokenized financial and real-world assets across both permissioned and permissionless blockchains, utilizing Taurus’ node infrastructure while adhering to UAE regulatory standards. Their custody solution will encompass cryptocurrencies, digital currencies, and non-fungible tokens.
Zand, headquartered in Dubai and operating exclusively digitally since 222, holds the distinction of being the first digitally native bank licensed by the Central Bank of the UAE (CBUAE), although it is not the UAE’s inaugural bank to provide digital services. Bashir Kazour, Managing Director of Taurus, commented:
“The CBUAE’s reforms in the digital financial market are pivotal in transforming the country’s financial infrastructure. These reforms, including stricter Anti-Money Laundering verifications and crackdowns on unlicensed virtual asset service providers, bore fruit in February with the UAE’s removal from the Financial Action Task Force’s gray list, simplifying international financial transactions in the oil-rich nation.”
In the wake of its compliance achievements, the UAE has implemented new regulations concerning stablecoin licensing, which some analysts suggest could complicate foreign investments. Nevertheless, the UAE has become a magnet for cryptocurrency firms this year, with entities such as Binance, Crypto.com, Nexo, Solana, Laser Digital, Hashed Ventures from South Korea, Blockdaemon, and Chainalysis relocating and obtaining licenses.
Taurus, which integrated with the Polygon blockchain in June 2023, is supported by investments from Swiss Arab Bank, Deutsche Bank, Credit Suisse, among others. The platform caters to large financial institutions like Swiss Arab Bank and Deutsche Bank, as well as small and medium enterprises. Taurus has expanded its operational footprint to include Turkey and Canada.
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