UAE banks are bringing virtual assets into mainstream finance
According to a November 11 report by Coin Edition, several UAE banks are preparing to expand regulated virtual asset services, allowing retail and institutional clients to access digital assets through traditional banking channels and reducing their reliance on specialized crypto platforms. This could help cement the UAE’s position as a global digital asset hub.
Banks may initially prioritize tokenized deposits and tokenized bonds, products that fit more naturally into the existing financial system and can support faster settlement and programmable payments. Andrew Forson, president of DeFi Technologies, believes that professional custody and regulatory oversight can provide additional safeguards for these products.
However, the report also cautions that regulatory approval does not mean banks are ready: they still need to strengthen their cybersecurity, private key management, and on-chain monitoring capabilities, especially following several major crypto security incidents in recent months.
Source: Coin Edition, November 11
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According to a November 11 report by Coin Edition, several UAE banks are preparing to expand regulated virtual asset services, allowing retail and institutional clients to access digital assets through traditional banking channels and reducing their reliance on specialized crypto platforms. This could help cement the UAE’s position as a global digital asset hub.
Banks may initially prioritize tokenized deposits and tokenized bonds, products that fit more naturally into the existing financial system and can support faster settlement and programmable payments. Andrew Forson, president of DeFi Technologies, believes that professional custody and regulatory oversight can provide additional safeguards for these products.
However, the report also cautions that regulatory approval does not mean banks are ready: they still need to strengthen their cybersecurity, private key management, and on-chain monitoring capabilities, especially following several major crypto security incidents in recent months.
Source: Coin Edition, November 11
$BTC $ETH