Sygnum Bank, a Zurich-based digital asset bank, is setting up its Middle East hub in the Abu Dhabi Global Market that will allow it to provide a portfolio of Swiss-regulated crypto banking services to its clients in the region.
Sygnum Bank Middle East has received Financial Services Permission from ADGM’s Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022, the bank said in a statement on Wednesday.
Giulia Finkbeiner-Bertoni will be senior executive officer of Sygnum and will lead the bank's operations across the region from ADGM, one of the fastest growing international financial centres in the Middle East and North Africa.
Sygnum Bank Middle East will offer “personal, concierge-style client service” that will allow its regional client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenisation and business-to-business banking services.
The ADGM is at the heart of Abu Dhabi's efforts to diversify its economy and connect the emirate with markets in the Mena region and economies in southern and eastern Asia.
The financial free zone is home to more than 5,400 companies, including global businesses, financial institutions, treasury centres, professional services companies, FinTechs, digital asset trading and advisory entities.
The number of digital asset companies in the emirate's financial centre is growing rapidly and the FSRA has licensed two custodians, five exchanges, clearing and settlement companies, an adviser and an asset and wealth manager, Emmanuel Givanakis, chief executive of the FSRA, told The National in November.
It has also given in-principle approvals to three brokers, an asset and wealth manager and a company involved in custody operations.
Eighteen more companies have applied for licences to start operations at the financial centre, according to FSRA data.
“The UAE has a proactive investment programme, a progressive crypto regulatory framework and a dynamic, tech-driven economy,” Ms Finkbeiner-Bertoni said.
“We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”
With regional demand for regulated crypto services on the rise, Sygnum said it was looking to tap into a diverse range of clients, from “existing local crypto foundations and projects to traditional institutional investors” as well as qualified high-net-worth individual investors in the broader region.
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Company name: baraka
Started: July 2020
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Based: Dubai and Bahrain
Sector: FinTech
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If a business does not apply for the refund on time, they lose their credit.
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Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
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4. More beneficial VAT and excise tax penalty regime
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5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
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Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
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Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
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Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
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