JBME, a subsidiary of Julius Baer, will apply.
GBME, a subsidiary of Julius Baer Bank, will apply for a “digital asset licence” in the Middle East, in addition to its existing permits with the Dubai Financial Services Authority.
This expansion will represent the company's first major push outside Switzerland, as Julius Baer's Middle East subsidiary, JBME, will apply for a Digital Asset Licence, in addition to its existing authorizations with the Dubai Financial Services Authority (DFSA). Once permitted, the entity can arrange, advise and hold services for digital assets such as Bitcoin, Ethereum, and other cryptocurrencies.
In Switzerland, where the bulk of the bank's cryptocurrency activity is located, Julius Baer recently began offering so-called "Lombard Lending" to select crypto clients, said Jonathan Hayes, head of digital asset development. In Julius Baer, for Bloomberg; The initiative will allow customers to borrow against digital assets held by the bank.
The report also added that Julius Baer is one of the first private banks to launch such a service for cryptocurrencies, so the customized offer is currently limited to those who have diversified portfolios that also include traditional assets.
