The offering launched on the Liv X app, enabling users from the UAE to trade and hold virtual assets. Aquanow, authorised by the Dubai VARA (Virtua Asset Regulatory Authority), will provide the necessary infrastructure, while Zodia Custody offers security in asset storage.
The launch is designed to present the UAE as a crypto-friendly jurisdiction, with the country collecting exchanges such as Binance, Crypto.com, and OKX. Following this, the state-owned financial institution of Emirates NBD expanded into the digital assets sector.
Liv’s crypto trading feature allows users to trade in Bitcoin, Ethereum, Solana, XRP, Cardano, and other cryptocurrencies. The service will be fully compliant and integrated with Aquanow’s regulated environment.
As crypto is becoming increasingly adopted in the banking sector, Liv X users have access to custody solutions and can control both traditional and digital assets in a single app. This approach aligns with the high cryptocurrency usage in the UAE, where 30% of the population owns cryptocurrencies. According to the Chainalysis report, UAE was in the top 40 regions globally in the digital finance space, with more than USD 30 billion in crypto transactions from July 2023 to June 2024.
The launch of the app’s new feature follows Dubai’s announcement to construct a crypto tower, a 17-story building to become the hub of blockchain technology. The entry into crypto trading aligns with another diversification of the financial services in Dubai as it enters the market.
Another recent update from the Dubai Financial Services Authority (DFSA) notes that USDC and EURC received permission to operate within the Dubai International Financial Centre (DIFC), allowing the stablecoins to be recognised under the DIFC crypto token legalisation. This enables fintech companies and financial institutions to include the assets in payment and treasury services.
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