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Julius Baer Eyes Expansion to Dubai for Crypto Services: Bloomberg
The expansion would be the private bank's first for its crypto offering beyond its native Switzerland, where it has provided digital asset services since the start of 2020.
Updated Jun 29, 2023, 3:13 p.m. Published Jun 29, 2023, 3:13 p.m.
Swiss private bank Julius Baer (BAER) is expanding its crypto services to Dubai, Bloomberg reported on Wednesday.
The Zurich-based bank will apply for a "digital assets license variation" to supplement its existing regulatory permissions in the emirate.
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An expansion would be Julius Baer's first for its crypto offering beyond its native Switzerland, where it has provided digital asset services since the start of 2020.
Dubai has attracted several major crypto firms during the past year, including exchanges Binance and OKX. The establishment of its Virtual Asset Regulatory Authority (VARA) has helped make the jurisdiction an attractive alternative to countries like the U.S., where there is less regulatory clarity.
Julius Baer did not immediately respond to CoinDesk's request for comment.
Read More: Dubai: Launching a Crypto Regulatory Arm to Become a Global Financial Power
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