Dubai Commercial Bank in the United Arab Emirates has launched a dedicated account for virtual asset service providers

The United Arab Emirates (UAE) Commercial Bank of Dubai (CBD) has launched a Virtual Asset Service Provider (VASP) dedicated account to manage client funds and meet regulatory prudential requirements. CBD launched the dedicated account to comply with the regulations of the UAE Central Bank and the Dubai Virtual Asset Regulatory Authority (VARA). Chief Executive Officer Bernd van Linder said the move is in line with Commercial Bank of Dubai's core banking services and supports the bank's plans to promote the development of the digital economy.