Swiss cryptocurrency infrastructure platform Taurus has announced a strategic partnership with Zand Bank in the United Arab Emirates (UAE). This collaboration aims to significantly enhance Zand’s capabilities in custody, tokenization, and blockchain connectivity.
Taurus will provide infrastructure solutions that allow Zand to issue tokenized financial and real-world assets across both permissioned and permissionless blockchains. This integration, compliant with UAE regulations, will also extend Zand’s custody solutions to embrace cryptocurrencies, digital currencies, and non-fungible tokens (NFTs).
Zand, headquartered in Dubai and pioneering as the first digitally native bank licensed by the Central Bank of the UAE (CBUAE), has no physical branches, marking a significant shift in the digital banking landscape. Bashir Kazour, Taurus’ managing director, expressed enthusiasm about the partnership, stating, “It’s a privilege to assist Zand, a leader in digital banking, in launching their digital asset strategy in line with all applicable regulations.”
The CBUAE has been actively reforming the country’s digital financial market as part of a broader financial infrastructure transformation. These measures include stringent Anti-Money Laundering (AML) verification requirements and a crackdown on unlicensed virtual asset service providers. This robust regulatory framework has paid off, evidenced by the UAE’s removal from the Financial Action Task Force’s gray list in February, simplifying international financial transactions for the oil-rich nation.
The UAE’s proactive regulatory stance has also attracted a wave of crypto firms relocating to the region and receiving licenses, including industry giants like Binance, Crypto.com, Nexo, Solana, Laser Digital, South Korea’s Hashed Ventures, Blockdaemon, and Chainalysis. This influx underscores the UAE’s rising prominence as a global crypto hub.
Taurus’ integration with the Polygon blockchain in June 2023, and its backing by prominent financial institutions such as Swiss Arab Bank, Deutsche Bank, and Credit Suisse, highlights its capability and trust within the financial sector. Taurus services a diverse clientele ranging from large financial institutions to small and medium enterprises, with its geographic reach now extending to Turkey and Canada.
The partnership between Taurus and Zand Bank represents a significant step forward in the UAE’s ambition to become a leader in the global crypto sphere. By leveraging advanced blockchain technology and robust regulatory compliance, Zand is poised to set new standards in digital banking and asset management.
This collaboration not only strengthens Zand’s digital asset strategy but also positions the UAE as a pivotal player in the international cryptocurrency and digital finance markets.
