Key Points
- Global banking giant Standard Chartered is eyeing setting up a crypto fund in the United Arab Emirates.
- The disclosure comes days after the UAE issued guidance on crypto regulation requiring VASPs to be licensed to increase the transparency of financial systems in the country.
Standard Chartered’s SC Ventures seeks to establish a Digital Asset Joint Venture investment company in partnership with Japan’s SBI holdings in the UAE.
UAE continues working towards becoming a global crypto hub
In a Nov.9 Press release, SC Ventures revealed that the new venture in the UAE would be a joint effort with Japanese Financial Conglomerate SBI Holdings aiming ‘to make strategic and minority investments’ in areas of interest like ‘market infrastructure, DeFi, Tokenization, COnsumer payments’ among others.
The CEO of SC Ventures, Alex Manson, also indicated a strong interest in Risk management, tokenization, and compliance tools as key aims of the new venture. He highlighted the region’s efforts and new role in becoming a fintech hub due to its strengthening infrastructure and talent.
UAE has been working on attracting more fintech investors and getting a better reputation globally for its financial products. On Nov 8, Fintech Express reported that the country had released a new guidance list for those looking to set up virtual assets services provision systems there. In the list, the country highlights some red flags of common untrustable crypto deals and warnings to service providers who want to continue working in the region.
The country is introducing these measures, eyeing to get out of the FATF’s ‘Grey List’ of countries with questionable financial systems. Thus increasing its chances of incorporation with the mainstream word finance and, thus, a better future. While SC Ventures is set to be the next new thing in the country’s financial landscape, Manson has confirmed that it will not limit itself to the regional market but will “explore the emerging digital asset ecosystem opportunities globally.”
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