The Emirate of Dubai created the world’s first regulatory authority for crypto in 2023 with VARA. According to a survey by the Swiss fintech company Avaloq, 39 percent of people in the Gulf Emirates trade or pay with cryptocurrencies, which is above the global average of 30 percent. Yet, the pieces of the global crypto puzzle are still far from being in place, Stela Willemstein said during a panel discussion at the Annual Investment Summit 2025 in Dubai. For the future of digital money, Switzerland’s largest bank has a clear vision.

Call for a Harmonized Financial Framework

Willemstein emphasized that the rapid development of digital assets and financial technologies requires a unified regulatory framework that includes all market participants. «Many institutions come together to create a harmonized framework. The ecosystem should have a place for all market participants,» she said. She highlighted that the foundations of the new financial era must rest on security and stability, even as new asset classes in the decentralized finance («DeFi) world, such as cryptocurrencies and tokenized assets, reshape global markets. «Basically, with every new asset class comes a new type of risk. At the top of the list is a harmonized regulatory framework,» Willemstein explained.

According to Willemstein, banks will continue to play a crucial role in this system—provided that the standards of traditional finance («TradFi), especially in fraud prevention and anti–money laundering (AML), are respected by all participants. «Banks will be part of this system. The same standards used in TradFi—such as combating fraud and money laundering—must be respected by all players in the ecosystem,» she said. «This is a task for the next generation.»

Democratization and Financial Literacy

Willemstein spoke passionately about the democratization of access to money and investments, which she sees as an important lever for future generations. «Access to money will be easier and more democratized, and this will promote financial literacy,» she noted. «The next generation will be able to invest more easily, more accessibly, and more safely.»

She explained that UBS and other financial institutions are working to build an infrastructure capable of keeping pace with the speed of innovation, including digital currencies like Bitcoin. The goal is to enable seamless communication between banks, regulators, and market participants across jurisdictions to create a balanced and efficient ecosystem. There are so many opportunities for all market participants, including banks and regulators in different jurisdictions. But the prerequisite is seamless communication between all parties,» Willemstein said, as her bank recently opened a new branch in Abu Dhabi.

Balancing Innovation with Risk Awareness

While praising the expansion of access and the democratization of investments, Willemstein also warned that education and awareness of risks are crucial. «We increase the size of the pie and the number of participants—that is fantastic,» she said. «But the next generation must be aware of the risks.»

On October 10, according to a Reuters report, ten major banks—including UBS, Deutsche Bank, Bank of America, and Goldman Sachs—agreed to jointly develop and deploy stablecoins. A stablecoin is a digital cryptocurrency whose value is linked to a stable reference asset, usually a traditional currency like the US dollar or euro, or sometimes to gold. The aim is to avoid the high volatility seen with classic cryptocurrencies like Bitcoin or Ethereum. The banker also highlighted the aspect of cyber risks: «What is the advantage of a stable bank? You minimize the risks of cyberattacks. This is the main topic we discuss when talking about digital banking and information security,» she explained.

DeFi advocates like Eric Trump, CEO of the digital investment specialist World Liberty Financial, predict a grim future for established banks («too slow») if they fail to adapt to the flexibility of DeFi.

Banking 2030: AI, VR and Hyperpersonalization

Willemstein painted a picture of banking in 2030 that combines technology, personalization, and immersive customer experiences. «We are preparing for the future—including in terms of the user experience,» she said. «When we deploy technologies like AI to create hyperpersonalized services, the experience of being a bank client will be completely transformed.»

She described possible virtual reality (VR) experiences that could allow clients to interact with their financial portfolios in a more interactive and educational way: «In the future, we could have a VR session between advisor and client, where the client can have a live experience as a bank customer—exploring projections and understanding digital assets more effectively.»

Vision for a Secure, Inclusive Future

Willemstein’s message at the Dubai summit highlighted UBS’s commitment to innovation grounded in stability. As financial ecosystems evolve, she envisions a future that is inclusive, transparent, and technologically advanced, yet still guided by the principles that underpin traditional finance: trust, compliance, and security. «We are developing the infrastructure of tomorrow,» Willemstein concluded. «It must be fast, safe, and open to everyone.»

Willemstein spoke on October 23, 2025, in Dubai. Just hours later, the Web3 scene received a boost with a White House signing in Washington. U.S. President Donald Trump pardoned «CZ», founder of the digital exchange Binance and a cult figure in the Web3 community. Changpeng Zhao, the Canada-based resident of Dubai, can now travel freely to the U.S. thanks to the pardon. Zhao had served a four-month prison sentence in mid-2024 for negligence in his duties at Binance.