💡 Following my post on Coinbase exploring the United Arab Emirates (UAE) for international expansion, we had an interesting & dynamic discussion about which are actually crypto-friendly banks in the UAE.
Big "thank you" to Zana Jablan Musa for the support and find below the crypto-friendly banks: 👇
Commercial Bank of Dubai
Emirates NBD
Zand
Mashreq
RAKBANK
🚩 Above mentioned banks can open corporate bank accounts for Virtual Asset Service Providers (VASPs) with Virtual Assets Regulatory Authority (VARA) initial approval. For custody & client accounts, crypto companies need a No Objection Certificate (NOC) from the Central Bank. The NOC can be obtained after receiving a Full Market Product license, which is the final stage of the regulatory process.
🚀 Additionally, I want to mention that both SEBA Bank AG and Sygnum Bank have Abu Dhabi Global Market (ADGM) licensed subsidiaries in Abu Dhabi. Finally, I have heard about very positive experiences with Wio Bank.
✅ Like and/or comment below if you need help with an intro to the crypto-friendly banks listed above.
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