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<p>You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/uae-ties-deepen-with-bnys-new-digital-asset-custody-services" rel="noopener noreferrer nofollow">UAE Ties Deepen with BNY’s New Digital Asset Custody Services</a><br></p>
<p>In a groundbreaking move, American financial giant BNY Mellon has forged a strategic partnership in the United Arab Emirates, aiming to provide digital asset custody solutions. Joining forces with Abu Dhabi-based entities Finstreet and ADI Foundation, the bank will initially launch custody services catered to institutional clients, primarily focusing on <a href="https://en.bitcoinhaber.net/bitcoin-surges-will-altcoins-catch-up" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum. Prospective expansions will include stablecoins, tokenized real-world assets, and other regulated digital financial instruments.</p>
<h2 id="why-collaborate-with-abu-dhabi">Why Collaborate with Abu Dhabi?</h2>
<p>BNY Mellon, renowned globally for its custodial services, is advancing its efforts to merge traditional finance with digital assets. In collaboration with Finstreet, services will cater to an existing portfolio of institutional clients, while ADI Foundation will contribute with its blockchain-powered infrastructure. Operations will be rooted in Abu Dhabi Global Market, subject to contract finalization and regulatory approval.</p>
<blockquote>
 <p>Hani Kablawi, BNY Vice Chair, notes, “Our strength lies in bridging the existing traditional financial systems with the emerging digital landscapes. As pioneers among American banks, we are proud to facilitate global digital asset custody.”</p>
</blockquote>
<h2 id="what-drives-finstreet-and-adi-foundation">What Drives Finstreet and ADI Foundation?</h2>
<p>Finstreet, a leading fintech subsidiary under Sirius International Holding, recently played a part in launching the dirham-pegged DDSC stablecoin, running on ADI Foundation’s blockchain platform, ADI Chain. Additionally, ADI Foundation is on the brink of launching a Sharia-compliant stablecoin, PUSD, salted with reserves in Saudi riyals and UAE dirhams.</p>
<p>The foundation aims to reshape digital finance with partnerships that include financial heavyweights such as BlackRock and Mastercard, eyeing 2025 to boost its role in digital asset exchange and corporate payments.</p>
<h2 id="how-is-uae-s-regulatory-environment-evolving">How is UAE’s Regulatory Environment Evolving?</h2>
<p>The UAE has crafted a formidable regulatory landscape for the digital realm, welcoming global players like Animoca Brands and BitGo into the fold. Regulatory advancements now embrace tokenized shares, ETFs, and crypto derivatives.</p>
<p>In tandem, AE Coin and USD Universal are set to launch a secure platform that enables seamless swaps between local AE Coin and USDU stablecoin, bolstered by Al Maryah Community Bank and partners such as Aquanow.</p>
<p>Concrete outcomes from these initiatives highlight:</p>
<ul>
 <li>Strengthening digital asset infrastructure through strategic international partnerships.</li>
 <li>Establishing a pioneering custody service nurturing institutional investment interests.</li>
 <li>Expanding UAE’s role as a global digital asset hub with regulatory backing.</li>
</ul>
<p>The UAE continues to solidify its position as a beacon of innovation in digital finance, leveraging strategic alliances and a robust regulatory framework to advance its economic and technological goals. BNY Mellon’s entry into the market marks a significant step towards integrating traditional banking with futuristic digital paradigms.</p>
<h5><span>Continue Reading: </span><a href="https://en.bitcoinhaber.net/uae-ties-deepen-with-bnys-new-digital-asset-custody-services" rel="noopener noreferrer nofollow">UAE Ties Deepen with BNY’s New Digital Asset Custody Services</a></h5>

UAE Ties Deepen with BNY’s New Digital Asset Custody Services

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