Zurich-based digital asset bank Sygnum is experiencing an inflow of queries from worldwide crypto enterprises searching for new partner banks following the recent bankruptcies of crypto-friendly banks in the United States. Following its initial approval late last year, Sygnum, a Zurich-based bank, was granted Financial Services Permission by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markert (ADGM).
Via a “concierge-style client service” that encompasses digital asset banking, wealth management, tokenization, and B2B banking services, Sygnum Bank Middle East can now provide regulated crypto banking services to customers in the area.
Sygnum Has Multiple Crypto Firms Sending Requests
The need for crypto services has been growing significantly in the area, and both private citizens and organizations have made significant investments in the technology. The UAE offers a proactive investment program, a forward-thinking legal environment for cryptocurrencies, and a vibrant, tech-driven economy,” stated Giulia Finkbeiner-Bertoni, Senior Executive Officer of Sygnum Bank Middle East. We are excited to use this momentum to introduce Sygnum’s dependable digital asset solutions to Abu Dhabi and the surrounding area.
There are already over 1,400 crypto organizations operating in the UAE, where more than one-third of the population has already made a cryptocurrency investment. According to Arvind Ramamurthy, Head of Markets at ADGM, Sygnum’s regulated finance product in Abu Dhabi “is a powerful addition to the society and will aid in the development of the area.” The ADGM “acts as a catalyst with the proper instruments that facilitate the growth of such enterprises inside the UAE’s financial industry” as the “biggest regulated authority for digital content in the MENA region.”
More than 5,400 operating enterprises make up the fast-expanding worldwide financial hub of ADGM. The goal of the free zone is to connect the industries of South and East Asia and the MENA regions in order to diversify the national economy.