Commercial Bank International PJSC (CBI) and Fuze, a digital asset infrastructure provider, have signed a Memorandum of Understanding to explore and develop digital asset solutions within the UAE's comprehensive regulatory frameworks. According to a statement shared on Zawya, this partnership signals a pivotal step in addressing the rising demand for regulated cryptocurrency services.
Exploring the Regulated Crypto Market
Giovanni Everduin, the Chief Strategy and Innovation Officer of Commercial Bank International, mentioned: "Pooling the knowledge, expertise, and resources of CBI and Fuze will help us explore a range of innovative new digital assets use cases for business and personal finance."
"This agreement will bring our customers closer to the many opportunities of digital assets within a safe and regulated environment, in line with the UAE's world-class virtual assets regulations."
The collaboration between CBI and Fuze aims to bolster the UAE's expanding digital assets ecosystem. By leveraging technologies and regulatory frameworks, both entities plan to facilitate financial inclusivity and advance the digital transformation of the country's financial sector.
Dubai's crypto sector is experiencing exponential growth. Despite challenges like market volatility and trust issues, a survey from KuCoin released last year highlighted the thriving crypto landscape in the UAE.
UAE's Crypto Landscape
According to the report, 59% of crypto users in the region perceive cryptocurrency as a reliable long-term investment, showcasing its potential as a store of value. Moreover, 35% see crypto as a diversification tool, while 11% have adopted it as a hedge against inflation.
The survey revealed that crypto is a convenient asset storage method for 29% of respondents, challenging traditional banking systems. Additionally, 22% utilize crypto for daily transactions, while 12% rely on it for cross-border remittances because of its practicality and versatility.
Security emerged as a top priority for crypto users in the UAE, with 63% emphasizing it in their choice of exchanges. Brand reputation and customer support also play pivotal roles, underlining the growing discernment within the community regarding safeguarding digital assets.
Bitcoin remains the preferred choice for 72% of crypto investors in the UAE, followed by Ethereum at 52%. The region's advantageous position, including access to funding, robust infrastructure, favorable regulations, and global networks, boosts its status as a growing hub for the development of the crypto industry.
This article was written by Jared Kirui at www.financemagnates.com.
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