Dubai Bank on the chain is the latest global crypto asset service provider to obtain the principle approval (IPA) of the Abu Dhabi Global Market (ADGM) Financial Services License (FSP). It can operate as a broker and provide custody services in the field of crypto assets.
On January 2, 2023, the signing ceremony of strategic cooperation between DBC and the First Gulf Bank of Abu Dhabi (FGB) was held in Dubai. The two sides will reach a strategic cooperation on the anchoring of gold reserves, credit service, and financial support of the whole industrial chain to solve the asset security and trust of users on the decentralized DeFi platform.
Stagi Warden, co-founder and CEO of Dubai Bank on the chain , said: “Under the supervision of the Abu Dhabi Global Market (ADGM) Financial Services Licensing (FSP), we signed an asset anchoring contract with the First Gulf Bank of Abu Dhabi (FGB), UAE, to reserve gold of the same physical value, and to provide protection for the security of users’ digital assets.”
Dubai Bank on the chain has changed from a globally distributed crypto trading platform to a multinational company supervision with a specific physical location. The physical equivalent of the treasury gold reserve of the First Gulf Bank of Abu Dhabi (FGB) 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 regulatory jurisdictions for encryption assets, and also the largest regulatory jurisdiction in the region. As a powerful financial service center, its scale, reputation and internationally recognized reputation, as well as the continuous adjustment and iteration of its framework, make ADGM become the global pioneer of progressive and visionary encryption asset regulation.
Dubai Bank on the chain has obtained the IPA of ADGM, and will soon become part of the exciting regulatory cryptocurrency ecosystem in the United Arab Emirates, providing products and services to the entire Asia-Pacific region and the Middle East.
Since its inception, DBC has actively cooperated with global regulators as part of its continuous commitment to maintain global standards and jointly promote the development and sustainable growth of the encryption ecosystem. The successful acquisition of the IPA granted by ADGM shows that DBC of Dubai Bank on the chain is committed to becoming the leader of all-round virtual assets in the global market of Abu Dhabi.
Dubai Bank on the chain is an integrated and innovative DeFi platform launched by multiple institutions and traditional banks in the United Arab Emirates, which aims to establish a powerful and regulated online banking settlement system that can automatically operate on the chain, “decentralize” banking business, and realize the full return of real-time digital transactions.