Emirates NBD, the government-owned bank of Dubai, is making significant strides in the digital banking sector by introducing cryptocurrency trading through its subsidiary, Liv. This innovative move reflects the bank’s commitment to staying at the forefront of the rapidly evolving financial landscape.
As detailed in an announcement earlier this week, Liv will enable customers to buy and sell various cryptocurrencies directly from its new app, Liv X. This user-friendly platform not only exemplifies the bank’s dedication to enhancing customer experience but also underscores the increasing mainstream acceptance of digital assets.
Dubai has emerged as a prominent crypto hub over the past few years, characterized by a regulatory framework that provides clarity and support for firms seeking to obtain licensing. This proactive approach has attracted major exchanges, including Binance, Crypto.com, and OKX, all of which have successfully secured approvals to operate in the region.
In alignment with this burgeoning crypto ecosystem, Emirates NBD’s decision to offer crypto trading services signals a significant endorsement of the digital asset market. Liv’s crypto service will utilize infrastructure powered by Aquanow, a digital asset platform that holds licensing from Dubai’s Virtual Assets Regulatory Authority (VARA), ensuring compliance with the highest regulatory standards.
Furthermore, Emirates NBD has selected Standard Chartered-backed Zodia to provide custody services for its new cryptocurrency offering, further enhancing the security and reliability of Liv’s trading platform.
As the financial landscape continues to transform, the addition of crypto trading services by Emirates NBD through Liv is poised to provide a robust solution for customers looking to engage with digital currencies. This initiative not only reinforces Dubai’s position as a leading global financial center but also exemplifies how traditional banking institutions are embracing innovation in the digital age.
For more information on Dubai’s regulatory advancements in the crypto space, read the announcement regarding the approval of Circle’s stablecoins for use in the Dubai International Financial Centre (here).
