Feb 10, 2024 12:25
Commercial Bank International PJSC (CBI) and Fuze, adigital asset infrastructure provider, have signed a Memorandum ofUnderstanding to explore and develop digital asset solutions within theUAE's comprehensive regulatory frameworks. According to a statement shared on Zawya, thispartnership signals a pivotal step in addressing the rising demand forregulated cryptocurrency services.
Exploring the Regulated Crypto Market
Giovanni Everduin, the Chief Strategy and InnovationOfficer of Commercial Bank International, mentioned: "Pooling theknowledge, expertise, and resources of CBI and Fuze will help us explore arange of innovative new digital assets use cases for business and personalfinance."
"This agreement will bring our customers closerto the many opportunities of digital assets within a safe and regulatedenvironment, in line with the UAE's world-class virtual assetsregulations."
The collaboration between CBI and Fuze aims tobolster the UAE's expanding digital assets ecosystem. By leveragingtechnologies and regulatory frameworks, both entities plan to facilitatefinancial inclusivity and advance the digital transformation of the country'sfinancial sector.
Dubai's crypto sector is experiencing exponential growth. Despite challenges like market volatility and trust issues, a surveyfrom KuCoin released last year highlighted the thriving crypto landscape in theUAE.
UAE's Crypto Landscape
According to the report, 59% of crypto users in theregion perceive cryptocurrency as a reliable long-term investment, showcasing itspotential as a store of value. Moreover, 35% see crypto as a diversificationtool, while 11% leverage it against inflation.
The survey revealed that crypto serves as aconvenient asset storage method for 29% of respondents, challenging traditionalbanking systems. Additionally, 22% utilize crypto for daily transactions, while12% rely on it for cross-border remittances, showcasing its practicality andversatility.
Security emerges as a top priority for UAE cryptousers, with 63% emphasizing it in their choice of exchanges. Brand reputationand customer support also play pivotal roles, underlining the growingdiscernment within the community regarding safeguarding digital assets.
Bitcoin remains the preferred choice for 72% of crypto investors in the UAE, followed by Ethereum at 52%. The UAE's advantageous position, including access to funding, robust infrastructure, favorable regulations, and global networks, cements its status as a burgeoning hub for crypto industry development.
This article was written by Jared Kirui at www.financemagnates.com.
World Crypto Global
