Taurus Partners with Zand Bank in UAE to Enhance Cryptocurrency Infrastructure

Taurus Partners with Zand Bank in UAE to Enhance Digital Asset Strategy

In a groundbreaking move for the digital banking sector, Swiss cryptocurrency infrastructure platform Taurus has announced a partnership with the United Arab Emirates’ Zand Bank. This collaboration will see Taurus providing cutting-edge services to enhance Zand’s custody and tokenization options, as well as improve blockchain connectivity.

Taurus’ infrastructure solutions will enable Zand to issue tokenized financial and real-world assets across both permissioned and permissionless blockchains, all while operating under UAE regulation. Additionally, Taurus’ custody solution will support a wide range of assets, including cryptocurrencies, digital currencies, and non-fungible tokens.

Zand Bank, headquartered in Dubai and known for being the first digitally native bank licensed by the Central Bank of the UAE (CBUAE) in 2022, has been at the forefront of digital banking innovation. The partnership with Taurus will further solidify its position as a leader in the industry.

Bashir Kazour, managing director of Taurus, expressed his excitement about the collaboration, stating, “It’s a privilege to assist Zand in launching their digital asset strategy in line with all applicable regulations.”

The UAE has been undergoing significant regulatory reforms in its digital financial market, with a focus on enhancing Anti-Money Laundering verification requirements and cracking down on unlicensed virtual asset service providers. These efforts have paid off, as the country was recently removed from the Financial Action Task Force’s gray list, simplifying international finance in the region.

Despite new regulations on licensing stablecoins that may complicate foreign investment, the UAE has seen a surge in crypto firms relocating to the country and receiving licenses. Companies such as Binance, Crypto.com, Nexo, and Chainalysis have all set up operations in the UAE this year.

Taurus, backed by investments from major financial institutions like Swiss Arab Bank and Deutsche Bank, has been expanding its reach globally. The platform integrated with the Polygon blockchain in June 2023 and now provides services to institutions in Turkey and Canada.

The partnership between Taurus and Zand Bank marks a significant step forward in the evolution of digital banking in the UAE, showcasing the country’s commitment to embracing innovative technologies in the financial sector.