Dubai has been getting some edge in the metaverse, blockchain and the crypto banking. Just like the swiss banks in the past used to have the niche for the forex and the annonymous banking and finance, now the dubai has been the hub for the latest tech deployments.
Dubai also recently had the summit for the blockchain tech. And variety of banks expressed their interest to manage the crypto and blockchain industry licenses in their soil. And so then comes the banks who wanted to have brokerage, lending, marketplace and asset holding.
Standard Chartered, a bank from the UK, has decided to open up the crypto specific offering into the Dubai soil. It's not like that bank had no presence there. It already had that presence and now they want to get into the digital assets and lending market.
So let's discuss how the bank is planning on opening crypto services in dubai.
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Digital Asset Custodian, a New Service
In dubai there are multiple banks working out. And they seem to be very specific with the crypto like they are kind of limited with the ethereum and the bitcoin. In short, there are always a need to expand the portoflio and also the custodian has to be doing the services through the license.
In this case British company Standard Chartered has got the license to operate under the Zodia custoy in the Duabi. So they would be doing the custodian services by making use of the bitcoin and the ethereumfor now. In near future more assets may get added into the service.
Standard Chartered as a Zodia Custody
Standard chartered works as a holding company and the crypto specific operations are done under the company name of Zodia custody. This company has signed contract with the Dubai International Financial Centre (DIFC). This goes to show that the business has now become more serious and official for handling the crypto assets.
This would allow them to be also a broker and over the counter crypto holding in their respective account. This would be giving them an access towards the islamic investment system which has the clients from the middle east and the islamic lobby from around the world.
Dubai a new Crypto Hub?
There are lot of things coming out of dubai. Like they are doing the blockchain investment. They are investing into the metaverses. And there is super investment going through the games which has the blockchain integration with the same. Which goes to show that dubai is serious about the blockchain technology.
So if the banks like Standard Chartered and many others decide to get into the banking licenses that works with the crypto. Then you may see that this would be boosting them post ending of the fuel economy that they have as of now. Which is what most of the gulf nations are also betting on as well.
This goes to show that crypto hub is going to be installed in the Dubai. And there would be variety of events, launches and also the startups formed in dubai which would turn that nation into tech hub. Which is something we can expect looking at their ways to expand into market.
Digital asset trading, lending and the custodian services are going to be pretty common in the Dubai. Considering US is getting too much controlling over the crypto, there is a chance a lot of blockchain based companies may move to dubai to circumvent US based control. Time will tell where Dubai stands in the race of blockchain domaination.