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- Emirates NBD launches crypto trading via Liv, allowing customers to trade Bitcoin, Ethereum, Solana, XRP, and Cardano with licensed partners Aquanow and Zodia Custody.
- Dubai strengthens its crypto ecosystem with Emirates NBD’s retail trading service, Crypto Tower development, and new regulations for stablecoins and crypto whales.
Dubai is becoming more serious about adopting digital assets. According to Bloomberg, the city’s largest bank, Emirates NBD, has now partnered with Aquanow to provide crypto services to customers through its digital bank, Liv.
Customers may now buy, store, and sell well-known digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA). Dubai is naturally becoming more and more known as a global digital financial hub as more and more big banks enter the crypto space.
Strengthening Crypto Security with Aquanow and Zodia Custody
Aquanow, a Canadian-based company that already is licensed by the Dubai Virtual Assets Regulatory Authority (VARA), is trusted as the main partner in the digital asset infrastructure for this service.
Furthermore, Emirates NBD invests in Zodia Custody, a crypto storage service provider that will guarantee Liv clients’ digital assets’ protection. Emirates NBD is not only following the trend but also working to create a safer and more trustworthy crypto ecosystem by means of this partnership.
Dubai Becomes More Crypto-Friendly to Regulation
Meanwhile, CNF reported that Circle’s USDC and EURC stablecoins have been approved by the Dubai Financial Services Authority (DFSA).
Thanks to this regulation, financial companies housed in the Dubai International Financial Centre (DIFC) can now make payments and manage digital assets, among other uses for the stablecoins. This decision helps Dubai’s reputation as a hub of blockchain-based financial innovation to be even more strengthened.
Still, Dubai’s rules go beyond simply streamlining the use of cryptocurrency. VARA is also getting ready to implement new regulations requiring digital asset service providers to expose the names of major token holders or “crypto whales.”
This rule is meant to boost openness and give investors a better view of the token ownership that is in use on the market. Although various supporting policies are already in development, the new rule is expected to take effect in the first quarter of 2025.
Crypto Tower: A Futuristic Hub for Blockchain Innovation
Dubai recently revealed intentions to construct a 17-story “Crypto Tower,” which is scheduled to be finished in 2027, as if its seriousness in this sector wasn’t enough. This tower is more than simply any typical office construction. This 150,000 square foot leasable building will be a hub of innovation for Web3 and blockchain projects.
Apart from providing a venue for crypto companies to operate, Crypto Tower will incorporate blockchain technologies into its administration system.
Later on, building occupants will be able to employ smart contract-based automated system sharing of resources, on-chain voting for decision-making, and several more blockchain-based services. This is an ecosystem meant especially to assist the future of digital banking, not only a building.
Dubai is currently not only a location with attractive taxes but also an ecosystem that is progressively fit for the growth of cryptocurrency for industry players and investors. The issue is whether this action will inspire other cities to replicate Dubai’s model. Alternatively, will it quicken the global adoption of digital assets?
