Zand Partners with Taurus to Launch Digital Asset Services in UAE

Swiss crypto firm Taurus has announced a partnership with Zand, the UAE’s first digital bank, to offer digital asset services. This collaboration reflects the growing interest among traditional financial institutions in the UAE to integrate digital assets into their offerings.

Zand will utilise Taurus’ custody and tokenisation solutions, enabling the bank to offer a range of digital assets, including cryptocurrencies, tokenised securities, and NFTs. Zand, fully licensed and regulated by the Central Bank of the United Arab Emirates (CBUAE), provides both retail and corporate banking services and received its license in 2022.

Michael Chan, CEO of Zand, described the partnership as a significant step in the evolution of digital asset services. “Our partnership with Taurus signifies a new benchmark for digital asset services, marking a new era of banking excellence where security, versatility, and client-centric solutions converge to redefine the digital economy,” Chan said.

Bashir Kazour, Managing Director of Taurus, noted that the partnership with Zand highlights the strong demand from banks in the UAE and the Gulf Cooperation Council (GCC) region for digital asset services. Kazour also emphasised that the UAE’s supportive regulatory environment has made it an attractive destination for crypto companies, contrasting with the more restrictive approaches seen in major markets like the US.

The UAE’s pro-crypto stance has attracted major firms such as Binance and OKX, with recent expansions by companies like Hashed Ventures capitalising on the favourable regulatory landscape. Taurus plans to continue investing in the UAE to enhance its services, combining Swiss expertise with regional insights.

This partnership sets a precedent for digital asset integration in traditional banking, underscoring the UAE’s role as a leading digital asset hub.