RAKBANK First in UAE to Offer Crypto Trading
The National Bank of Ras Al Khaimah (RAKBANK), a government-owned bank in the United Arab Emirates (UAE), has broken new ground by becoming the first conventional bank in the country to offer retail crypto trading.
RAKBANK Launches Crypto Brokerage Service
RAKBANK announced the launch of a crypto brokerage service via its mobile banking app. This service allows customers to buy, sell, and swap cryptocurrencies directly from their UAE dirham accounts.
Raheel Ahmed, Group CEO of RAKBANK, stated, "We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED [dirhams]."
The new offering is powered by Bitpanda, an Austria-based company, with transactions facilitated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated entity in Dubai.
Seamless Crypto Trading Experience
RAKBANK emphasizes that customers can now trade crypto without needing to transfer funds to external exchanges or convert between fiat currencies, thus eliminating foreign exchange fees. Bitpanda’s infrastructure ensures trade execution and custody management.
"We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform," Ahmed added.
Currently, the crypto trading service is available by invitation only, with a broader rollout planned in the coming months.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, hailed the partnership as "a big moment for digital assets in the region." Bitpanda is regulated across multiple European jurisdictions and has partnerships with Deutsche Bank, N26, and Raiffeisen Bank.
Strategic Move into Digital Assets
In the previous year, RAKBANK partnered with Bitpanda to develop a digital asset management platform for UAE residents. The bank views digital assets as the "future," offering a more efficient and secure method for customers to manage their finances.
RAKBANK’s foray into crypto aligns with the UAE's ambition to become a central hub for blockchain and crypto projects.
The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies. Other key districts, like the Dubai International Financial Centre and One Central, are also emerging as leaders in digital finance.
Last month, the Dubai Financial Services Authority approved Ripple’s RLUSD stablecoin, marking another milestone in the region's crypto landscape.
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