Sygnum, a Zurich-based bank, received a Financial Services Permission from Abu Dhabi Global Markert’s (ADGM) Financial Services Regulatory Authority (FSRA), following its initial approval late last year.
Thanks to the license, Sygnum Bank Middle East can offer regulated crypto banking services to clients in the region through a “concierge-style client service” that includes digital asset banking, asset management, tokenization and B2B banking services.
The demand for crypto services in the region has been steadily increasing, and many individuals and institutions alike have invested in the technology. “The UAE has a proactive investment program, a progressive crypto regulatory framework and a dynamic, tech-driven economy,” said Giulia Finkbeiner-Bertoni, Sygnum Bank Middle East’s Senior Executive Officer. “We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”
More than a third of the UAE’s population have already invested in crypto, and there are over 1,400 crypto organizations currently in the country. “We believe that Sygnum’s regulated finance offering in Abu Dhabi is a significant addition to our community and will contribute to the growth of the region,” said Arvind Ramamurthy, Chief of Markets at ADGM. “As the largest regulated jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst with the right tools that enable the growth of such companies within the UAE’s financial sector.”
ADGM is a fast-growing international financial center in the region with more than 5,400 operational companies. The free zone’s mission is to diversify the country’s economy and act as a link between the markets of MENA and the economies of South and East Asia.