Commercial Bank of Dubai Launches Dedicated Account for VASPs

IconCryptoNewsTerminal Staff01 Aug, 2024

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Commercial Bank of Dubai Launches Dedicated Account for VASPs

Launched today, dedicated accounts for Virtual Asset Service Providers (VASPs) by the Commercial Bank of Dubai (CBD), a United Arab Emirates based financial institution. The CEO of CBD, Bernd van Linder, commented, "The launch of dedicated accounts for VASPs will position the UAE as a global hub for digital assets and support the growth of the digital economy." With this move, the CBD acknowledges the growing significance of the cryptocurrency industry and its contribution to the digital economy. The bank aims to encourage innovation and support the growth of this sector by providing a robust and compliant banking platform for VASPs.