Julius Baer Group expands crypto services to Dubai, targeting wealthy clients. The Swiss private banking giant aims to strengthen its crypto presence in the region.
Julius Baer Sets Sights on Dubai’s Crypto Market
Swiss private banking giant Julius Baer Group is making strategic moves to capitalize on the booming crypto market in Dubai. In a recent development reported by Bloomberg, Julius Baer is expanding its crypto services beyond its home turf in Switzerland to the dynamic landscape of Dubai.
Julius Baer is gearing up to establish its crypto foothold in Dubai by seeking a “digital assets license variation” from the emirate’s regulatory authorities. This license will complement the bank’s existing regulatory permissions and enable it to offer a broader range of crypto services to its high-net-worth clients in the UAE.
Over the past year, Dubai has become a magnet for major crypto firms and exchanges, including Binance and OKX. Establishing the Virtual Asset Regulatory Authority (VARA) has solidified Dubai’s reputation as a crypto-friendly jurisdiction, providing clarity and support to crypto businesses in contrast to other countries.
Embracing the long-term potential of digital assets, Julius Baer is driven by a vision of becoming a trusted intermediary in the crypto space. Recognizing the need for responsible actors in the crypto industry, the bank aims to offer reliable and secure crypto services to its clients in the short and long term.
Dubai’s Emergence as a Thriving Crypto Hub
Julius Baer’s expansion into Dubai’s crypto market marks a significant milestone for the bank as it extends its services beyond Switzerland’s borders for the first time. The bank’s subsidiary, Julius Baer (Middle East) Ltd. (JBME), licensed by the Dubai Financial Services Authority, will lead in applying for the crypto license variation.
The bank’s commitment to crypto assets is evident in its strategic focus on Lombard lending, allowing select clients to borrow against their digital assets held by the bank. Julius Baer also includes digital assets in its investment advisory, research, and wealth planning services.
In a bullish stance on crypto, Julius Baer’s spokesperson stated that crypto assets like Bitcoin (BTC) and Ether (ETH) would inevitably become a legitimate and sustainable asset class in an investor’s portfolio. This outlook aligns with the bank’s conviction in the long-term potential of digital assets.
Dubai’s aspirations to become a prominent crypto hub in the Middle East are coming to fruition. Despite regulatory adjustments following the FTX exchange collapse, Dubai has nurtured a favorable environment for crypto innovation, attracting major players like Binance and OKX.
Final Thoughts
With Julius Baer’s entry into Dubai’s crypto market, the emirate’s position in the global crypto landscape is poised to grow stronger. The bank’s expansion signals the city’s potential as a thriving hub for crypto investments, offering new opportunities for local and international investors.