Julius Baer Group, a major player in Swiss private banking, is now extending its #crypto presence in Dubai after starting to provide #Bitcoin and other #cryptocurrency services to wealthy clients in May of last year.

The United Arab Emirates (#UAE ), given to its rising economic development, is a "key geography" for #digital assets,according to Jonathan Hayes, the bank's head of cryptocurrency development,who spoke to Bloomberg.

The expansion represents the bank's first attempt to use cryptocurrency outside of Switzerland.

The bank's affiliate Julius Baer (Middle East) Ltd., or JBME, which holds a licence from the Dubai Financial Services Authority, is anticipated to submit an application for a change to its crypto licence.The bank would be able to provide custodial services for digital assets thanks to the new licence.