Switzerland’s digital asset bank Sygnum has received an in-principle approval from the Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) to expand its operations in the UAE capital, tapping into increasing demand for cryptocurrencies in the region.
Sygnum’s new Middle East centre will serve the local market with a crypto-native suite of digital asset banking, asset management, tokenisation and B2B banking services regulated by Switzerland’s financial market supervisory authority (Finma), it said in a statement on Wednesday.
The company will seek clients ranging from blockchain firms moving to the UAE to existing local cryptocurrency foundations and projects, traditional institutional investors and high-net-worth individuals looking for trusted cryptocurrency asset exposure through a regulated partner.
Sygnum, which serves about 1,500 clients globally, is expanding its operations after raising $90 million this year. The company also holds capital markets services licence in Singapore.
“Sygnum’s international expansion into the Abu Dhabi crypto hub gives us access to one of the biggest global wealth and asset management pools,” said Mathias Imbach, Sygnum’s co-founder and group chief executive.
“It also gives us new opportunities to show the value of investing in crypto with complete trust to the local community, clients and partners.”
The UAE is fast becoming a global cryptocurrency hub, with the fifth-highest global adoption at 34 per cent and annual transactions of more than $25 billion, Sygnum said, citing data from Statista.
A number of major companies dealing with cryptocurrencies were granted licence to set up their base at the ADGM, including the virtual asset trading platform Hayvn as well as Kraken, one of the world's biggest cryptocurrency exchanges.
Blockchain services provider Binance is also offering its services from the ADGM after obtaining approval from the FSRA.
“We firmly believe in the value-add that companies like Sygnum bring to our vibrant community,” Arvind Ramamurthy, chief of markets at ADGM, said.
“With a focus on bolstering the economic growth of Abu Dhabi and upholding the transparency and integrity of the marketplace, Sygnum’s presence in the region supports our continuing commitment to Abu Dhabi and the UAE, attracting global companies that truly make it an international financial hub to conduct business seamlessly.”
In September, the FSRA published guiding principles on its approach to virtual asset regulation and supervision to outline its expectations for the asset class and service providers.
In March, Dubai also adopted the first law in the emirate that regulates virtual assets.
Last week, ADGM launched Abu Dhabi Crypto Hub, a web-based interactive platform that provides users access to information and connects with the financial centre's existing virtual asset firms.
Currently, there are more than 5,400 companies registered and licensed at the ADGM, Dhaher Al Mheiri, chief executive of the registration authority of the ADGM, told The National last week.
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
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The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
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Price: Dh179,999-plus
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
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The specs
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Transmission: 8-speed dual-clutch automatic
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Ireland v Denmark: The last two years
Denmark 1-1 Ireland
7/06/19, Euro 2020 qualifier
Denmark 0-0 Ireland
19/11/2018, Nations League
Ireland 0-0 Denmark
13/10/2018, Nations League
Ireland 1 Denmark 5
14/11/2017, World Cup qualifier
Denmark 0-0 Ireland
11/11/2017, World Cup qualifier
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
