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Sygnum, a Zurich-based bank, received a financial services license from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) after receiving initial approval late last year.
Thanks to a license, Sygnum Bank Middle East canConcierge customer service,” including digital asset banking, asset management, tokenization, and B2B banking services.
The demand for encrypted services in the region has been growing steadily, with many individuals and institutions investing in the technology. “The UAE has a proactive investment program, an advanced cryptocurrency regulatory framework and a vibrant technology-driven economy,” said Giulia Finkbeiner-Bertoni, Senior Executive, Sygnum Bank Middle East. “We look forward to bringing Sygnum’s trusted digital asset services to Take that momentum to Abu Dhabi and the region.”
More than a third of the UAE’s population is already invested in cryptocurrencies, and there are currently more than 1,400 cryptocurrency organizations in the country. “We believe that Sygnum’s regulated financial services offering in Abu Dhabi is an important addition to our community and will contribute to the growth of the region,” said Arvind Ramamurthy, Head of Markets, ADGM. “As the largest Regulatory jurisdiction for digital assets, ADGM acts as a catalyst, providing the right tools to enable such companies to grow within the UAE financial sector.”
ADGM is a rapidly growing international financial center in the region with more than 5,400 operating companies. The Free Zone’s mission is to diversify the country’s economy and act as a link between the MENA market and South and East Asian economies.
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