Emirates NBD Launches Crypto Trading through Liv Digital Banking Subsidiary
Dubai’s Government-Owned Bank Enters Cryptocurrency Market
Emirates NBD, the bank owned by the government of Dubai, has announced that it is starting to offer crypto trading through its digital banking subsidiary, Liv.
Liv is allowing customers to buy and sell cryptocurrencies in its new app, Liv X, according to an emailed announcement on Thursday.
Dubai’s Growing Crypto Hub
Dubai has been establishing itself as a crypto hub over the past few years, offering relatively clear rules for firms to obtain licensing. This has led to major exchanges such as Binance, Crypto.com, and OKX winning approvals.
Against this backdrop, the Dubai government’s own bank has made the move to offer crypto trading.
Liv’s Crypto Service
Liv is offering its crypto service using infrastructure operated by Aquanow, a digital asset platform licensed by Dubai’s Virtual Assets Regulatory Authority (VARA).
Standard Chartered-backed Zodia is providing custody services for Liv’s new offering.
Background on Dubai’s Crypto Regulations
Read More: Dubai Approves Circle’s Stablecoins USDC and EURC for Use in DIFC
Conclusion
Dubai’s move to offer crypto trading through its government-owned bank is a significant development in the region’s growing crypto landscape. With clear regulations in place, Dubai has become an attractive destination for crypto firms, and Emirates NBD’s entry into the market is likely to further boost the region’s reputation as a hub for digital assets.
FAQs
- What is Liv? Liv is the digital banking subsidiary of Emirates NBD, offering a range of financial services, including crypto trading.
- What cryptocurrencies are available for trading on Liv? The exact list of available cryptocurrencies is not specified, but the platform is expected to offer a range of popular digital assets.
- How does the custody service work? The custody service is provided by Zodia, a Standard Chartered-backed company, ensuring the secure storage and management of digital assets.
- What is the regulatory framework for crypto in Dubai? Dubai has established a clear regulatory framework, making it easier for firms to obtain licensing and operate in the region. The Virtual Assets Regulatory Authority (VARA) is responsible for overseeing the crypto industry in Dubai.
