Dubai Bank on the Chain is the latest global crypto-asset service provider to receive In-Principle Permission (IPA) from the Abu Dhabi Global Market (ADGM) Financial Services License (FSP). It may act as a broker and provide custody services in the field of crypto assets.
On January 2, 2023, the signing ceremony of the strategic cooperation between DBC and First Gulf Bank of Abu Dhabi (FGB) took place in Dubai. The two sides will achieve strategic cooperation in anchoring gold reserves, lending services and financial support across the industry chain to solve asset security and user trust on the DeFi decentralized platform.
Stagi Warden, Co-Founder and CEO of Dubai Bank on the Chain said: “Under the supervision of Abu Dhabi Global Market (ADGM) Financial Services Licensing (FSP), we have signed an asset anchoring agreement with First Gulf Bank of Abu Dhabi (FGB), United Arab Emirates to reserve gold of the same physical value and ensure the security of users’ digital assets.”
The on-chain Dubai Bank has transformed from a globally distributed crypto trading platform to a multinational corporate regulator with a specific physical location. The physical equivalent of First Gulf Bank of Abu Dhabi (FGB) Treasury Gold Reserves in the United Arab Emirates serves as a strong anchor for the financial products on the platform to ensure the security of users’ digital assets.
ADGM is one of the world’s leading cryptographic equipment regulators and also the largest regulator in the region. As a powerful financial services center, its size, reputation and internationally recognized reputation, as well as the continuous adaptation and iteration of its framework, make ADGM the global pioneer of progressive and visionary cryptographic equipment regulation.
Dubai Bank on the Chain has received the IPA from ADGM and will soon become part of the exciting regulatory cryptocurrency ecosystem in the UAE, offering products and services across the Asia Pacific and Middle East region.
Since its inception, DBC has actively engaged with global regulators as part of its ongoing commitment to uphold global standards and to collectively promote the development and sustainable growth of the encryption ecosystem. The successful acquisition of the IPA granted by ADGM demonstrates Dubai Bank DBC’s in-chain ambition to become the leading provider of comprehensive virtual assets in the global Abu Dhabi market.
Dubai Bank on the Chain is an integrated and innovative DeFi platform launched by multiple institutions and traditional banks in the United Arab Emirates, aiming to set up a powerful and regulated online banking settlement system that will operate automatically in the Chain operated and banking “decentralized” , and realize the full return on digital transactions in real time.
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