Taurus will upgrade Zand Bank’s crypto, token services in the UAE
Swiss cryptocurrency infrastructure platform Taurus provides services to the United Arab Emirates (UAE) Zand Bank. Their partnership improves Zand's security and token options and blockchain connectivity.
Taurus infrastructure solutions allow Zand to mine financial and real-world assets in permissioned and permissionless blockchains using Taurus node infrastructure in accordance with UAE regulations. Its security solutions also include cryptocurrencies, digital currencies and cryptocurrency tokens.
Digital banking in the evolving regulatory landscape
Zand is headquartered in Dubai and has no physical branches. In the year In 222, it became the first digitally native bank licensed by the Central Bank of the UAE (CBUAE), although it is not the first bank to offer digital services in the UAE. Taurus Managing Director Bashir Kazur said:
“It is a great opportunity to help Zand, a leader in digital banking, develop their digital asset strategy in accordance with all relevant regulations.”
CBUAE has been working on the reform of the country's digital financial market as part of the government's financial infrastructure transition. Those measures include stricter anti-money laundering certification requirements and a crackdown on unlicensed virtual value service providers.
Those efforts paid off in February when the UAE was removed from the Financial Action Task Force's gray list, easing international financing in the oil-rich nation.
Related: Hong Kong and UAE central banks cooperate on crypto laws, fintech development
The world of Crypto
Since returning to the good graces of the International Terrorist Funding Agency, the United Arab Emirates has introduced new rules to license stablecoins that observers say could complicate foreign investment.
However, the UAE has seen crypto firms move there this year and receive licenses, including Binance, Crypto.com, Nexo, Solana, Laser Digital, South Korea's Hashed Venture, BlockDemon and Chinalysis.
Taurus is conjunct the Polygon block chain in June 2023. Backed by investments from Swiss Arab Bank, Deutsche Bank, Credit Suisse and others, it provides services to large financial institutions, including Swiss Arab Bank and Deutsche Bank, as well as small and medium-sized enterprises. Enterprises. Taurus' geographic reach has also expanded to Turkey and Canada.
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