UAE’s RAKBANK Becomes Country’s First Conventional Bank to Offer Crypto Trading
RAKBANK sets new benchmark for traditional banks in the UAE as it partners with Bitpanda to offer seamless, regulated crypto trading in AED
RAKBANK has become the first ever conventional bank in the United Arab Emirates (UAE) to enable retail customers to trade cryptocurrencies directly through its mobile app.
As of Tuesday, RAKBANK will now allow its retail customers to buy, sell, and swap cryptocurrencies directly from their current or savings AED accounts. This service is integrated within the bank’s mobile banking app, offering customers a smooth and secure experience without the need to transfer funds to any external crypto exchanges or deal with foreign exchange.
This innovative step eliminates losses due to forex and transfer delays, making the process of acquiring crypto faster, safer, and more regulated. It also positions RAKBANK as a pioneer in integrating digital assets into mainstream banking in the country.
RAKBANK Offers Fully Regulated Crypto Trading Entirely in AED
A key feature of this service is that it conducts all transactions in UAE dirhams (AED). This saves customers the stress of having to convert between currencies or pay forex fees, addressing one of the biggest barriers for retail crypto adoption in the region.
Raheel Ahmed, Group CEO of RAKBANK, emphasized the bank’s vision, stating, “We believe customers in the UAE deserve a more efficient and seamless crypto journey that is fully regulated and entirely in AED. With this new service, we’re staying true to our strategy of being a digital bank with a human touch.“
For now, however, RAKBANK is offering this crypto trading service on an invitation-only basis, but it plans to expand access to more customers soon in the coming months. This phased rollout is to ensure a smooth onboarding experience while they work on the fine details of the service for broader usage.
Crypto Trading in the UAE Powered by Bitpanda’s Infrastructure
RAKBANK is facilitating the offering in partnership with Bitpanda, a Vienna-based digital asset infrastructure provider. BitPanda Broker MENA DMCC will operate the service, with the Dubai Virtual Assets Regulatory Authority (VARA) regulating the operations. This collaboration ensures institutional-grade security and compliance standards, enhancing the reliability of the service.
Similarly, RAKBANK’s entry into crypto trading is a reflection of the UAE’s broader push to become a global and regional hub for digital assets and blockchain innovation. The country is positioning itself at the forefront of digital finance with over 600 crypto-related companies already registered in Dubai’s free zones.
Just recently, Dubai’s financial authorities approved of Ripple’s and Ctrl Alt’s partnership to tokenize the country’s real estate on the XRP ledger. This further announces the region’s openness to crypto-based financial assets.
