Licences and regulatory disclosures
Zand Bank PJSC is licensed by the Central Bank of the UAE as a bank and holds VARA licence no. VL/2024/12/001 for Custody Services, a VASP Licence issued on and limited to Institutional Investors and Qualified Investors; Zand AED is issued by its subsidiary Zand Trust, following Central Bank of the UAE approval announced on .
Digital asset services: Virtual Assets may lose their value in full or in part, and are subject to extreme volatility. The investor can lose all the money or other value they invest, and does not benefit from any form of financial protection. Risks of custody and Zand AED
Zand Bank PJSC: Central Bank of the UAE banking licence
Zand Bank PJSC is licensed by the Central Bank of the UAE as a bank. The bank announced the licence in a release dated , which quotes its then chief executive: "We got our banking licence on June 30". Under it the bank provides banking services for companies: accounts, payments, deposits and escrow.
- Legal entity
- Zand Bank PJSC
- Company registration number
- to be confirmed
- Address
- Emaar Square, Building 6, Level 1, P.O. Box 62593, Dubai, UAE
- Regulator
- Central Bank of the UAE
- Licence
- Banking licence, announced 5 July 2022
- Licence number
- to be confirmed
- Register
- Monthly CB Register, Banks section: CB Register, August 2026 (PDF)
Zand Bank PJSC: VARA licence for Custody Services
Zand Bank PJSC holds VARA licence no. VL/2024/12/001 for Custody Services. The Dubai Virtual Assets Regulatory Authority (VARA) lists the bank on its public register with the fields below, as the register shows them. The licence applies to the custody service under licence VL/2024/12/001.
- VASP name
- Zand Bank P.J.S.C.
- Reference
- VARA licence no. VL/2024/12/001
- Licence type
- VASP Licence
- Licensed activities
- Custody Services
- Licence issued
- Licence condition
- "Permitted to serve Institutional Investors and Qualified Investors."
- Status
- Active
- CMA Registration Number
- CMA-VASP-0010000-0023
- Address on the register
- Al Hail Holding Building, Office 101 Floor 1, Mohammed Bin Rashid Boulevard, Building 6, Emaar Square, Dubai, UAE
- Responsible individuals
- Michael Chan, Chief Executive Officer; Adrian Tan, Chief Risk Officer & Acting Chief Compliance Officer
- Register entry
- VARA public register: Zand Bank P.J.S.C.
The responsible individuals are named on the digital custody policy page of zand.ae. All other fields are from the register entry.
Zand Trust: issuer of Zand AED
Zand AED (AEDZ) is issued by Zand Trust, a wholly owned subsidiary of Zand Bank PJSC. The bank is not the issuer. A release dated states that the Central Bank of the UAE approved the launch of Zand AED. Dirham payment tokens fall under the Central Bank's Payment Token Services Regulation (Circular No. 2/2024), which requires an issuer to display its licence reference number on its website. No reference number was found on zand.ae or zandtrust.com. Product facts are on the page for Zand AED issued by Zand Trust.
- Legal entity
- Zand Trust
- Ownership
- Wholly owned subsidiary of Zand Bank PJSC
- Regulator
- Central Bank of the UAE
- Regime
- Payment Token Services Regulation (Circular No. 2/2024)
- Approval
- Launch of Zand AED, announced 17 November 2025
- Licence reference number
- to be confirmed
What each licence does not cover
- The VARA licence covers Custody Services only. It is not an exchange, broker-dealer or advisory licence.
- Custody under the VARA licence is for Institutional Investors and Qualified Investors only. It is not offered to retail clients.
- Banking services are supervised by the Central Bank of the UAE and are not regulated by VARA.
- The banking licence does not make Zand Bank PJSC the issuer of Zand AED. The issuer is Zand Trust.
- No licence is an endorsement of a virtual asset or a protection against loss.
How to verify Zand Bank on the registers
Open the VARA register entry. Go to the VARA public register entry for Zand Bank P.J.S.C. on vara.ae.
Match the name and the number. The VASP name must read Zand Bank P.J.S.C., the reference VL/2024/12/001, the activity Custody Services and the status Active.
Check the website address. The register lists https://www.zand.ae/en as the website. Compare it with the address in your browser.
Check the banking licence. Open the current CB Register on the website of the Central Bank of the UAE and find Zand Bank PJSC in the Banks section.
If a detail does not match, contact Compliance before you send money or assets.
Virtual asset disclaimer
Virtual Assets may lose their value in full or in part, and are subject to extreme volatility. The investor can lose all the money or other value they invest, and does not benefit from any form of financial protection.
This page is information only and is not financial advice. See the full risk disclosure.
Last verified
- Statements on zand.ae read
- VARA register entry read
- , re-read at build with the same fields
- Responsible role
- Head of Compliance
- Page last verified
Check the licence at the source
The VARA public register shows the reference, the activity and the status.