In a bid to tap into the potentials of Abu Dhabi’s high-growth crypto market, the swiss-based digital bank, Sygnum, has received in-principle approval from the Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) to expand its operations in the United Arab Emirates capital.
Mathias Imbach, Sygnum Co-Founder and Group CEO, said:
“Sygnum’s international expansion into the Abu Dhabi crypto hub gives us access to one of the biggest global wealth and asset management pools. It also gives us new opportunities to showcase the value of investing in crypto with complete trust to the local community, clients and partners.”
What will Sygnum do in Abu Dhabi?
The crypto asset bank will leverage the regulatory guidelines of Switzerland’s financial market supervisory authority (Finma) and its oversubscribed USD 90m series to serve the local market with a crypto-native suite of digital asset banking, asset management, tokenization, and B2B services.
In an opening statement, Giulia Finkbeiner-Bertoni, Sygnum’s designated UAE Senior Executive Officer, said:
“I am excited to join the global Sygnum team and introduce our vision for Future Finance to the Abu Dhabi financial community. I believe that Sygnum’s core value of trust and its ability to build relationships will be an asset for years to come in this region.”
Status of Abu Dhabi Crypto hub
The oil-rich middle east country currently ranks 5th in the global ranking index of countries with a crypto adoption rate of 34% and an annual transaction rate of 25bn USD.
As part of its efforts to support the operation of Sygnum pioneer efforts in UAE, Sygnum will have an Abu Dhabi license to enable citizens to access crypto asset services in an established wealth management market, taking into cognizance relevant regulatory framework.
Arvind Ramamurthy, Chief of Markets, in his welcoming remarks, said:
“ADGM is pleased that Sygnum has been awarded an In-principle approval by the FSRA. We look forward to supporting them in expanding their presence in Abu Dhabi and the wider region. ADGM is the largest regulated jurisdiction of digital assets in the Middle East and North Africa region and acts as a catalyst for the growth of the financial sector in the capital emirate. We firmly believe in the value-add that companies like Sygnum bring to our vibrant community.”
He went further to say that:
“With a focus on bolstering the economic growth of Abu Dhabi and upholding the transparency and integrity of the marketplace, Sygnum’s presence in the region supports our ongoing commitment to Abu Dhabi and the UAE, attracting global companies that truly make it an international financial hub to conduct business seamlessly.”
About Sygnum crypto asset Bank
Sygnum banking operations are hinged on independent control, high scalability, and fail-proof banking services that use blockchain decentralized ledger technology (DLT).