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Commercial Bank of Dubai (CBD), a United Arab Emirates-based bank, has launched dedicated accounts for virtual asset service providers to manage client funds. CEO Bernd van Linder said the move aligns with CBD’s core banking services and supports the bank’s plans to foster the digital economy.
VASP Accounts Align With Bank’s Vision
Commercial Bank of Dubai (CBD), a leading United Arab Emirates (UAE) bank, has launched dedicated accounts for Virtual Asset Service Providers (VASPs) to manage client funds and meet regulatory prudential requirements. CBD introduced the specialized accounts to comply with regulations from the Central Bank of the UAE and the Dubai Virtual Assets Regulatory Authority (VARA).
According to a statement, the bank launched the VASP-focused accounts to capitalize on the business opportunities presented by VASPs setting up operations in the UAE. Laser Digital is the first VASP to partner with the bank. Commenting on the CBD’s launch of the VASP-focused accounts, CEO Bernd van Linder said:
“As the financial landscape continues to evolve with the rise of digital assets, CBD remains at the forefront of innovation by providing tailored solutions that meet the needs of our diverse clientele. The introduction of core banking services for VASPs aligns with our strategic vision to support the digital economy and foster a robust regulatory environment that promotes growth and stability,” Linder said.
Linder also said the bank’s VASP account launch positions the UAE as a global hub for virtual assets and contributes to the emirate’s digital economy growth.
Meanwhile, Laser Digital CEO Jez Mohideen praised the bank’s commitment to the UAE’s virtual asset ecosystem. “We’re honored to be the first VASP to use this service and look forward to continued collaboration,” he added.