Rakbank (National Bank of Ras Al Khaimah), one of the traditional banks in the United Arab Emirates (UAE), has emerged as the first bank in the country to provide retail crypto trading on its mobile app. You can now trade, sell, and swap cryptocurrencies against your UAE dirham account without the use of a third party or foreign currency conversion.
The new feature is a result of an alliance with Bitpanda, Europe’s leading digital assets provider. Bitpanda Broker MENA DMCC, the Dubai entity, processes the transactions under VARA, the Virtual Assets Regulatory Authority. Rakbank can now offer fully regulated, secure crypto services within its existing digital banking through this integration.
Raheel Ahmed, Group CEO of Rakbank, stated, “We think that UAE customers deserve a smooth and safe crypto experience which is fully regulated and settled in their local currency.” This launch aligns our digital innovation with secure financial access right at launch.
Rakbank offers a solution that provides direct access to crypto using AED accounts, unlike other platforms that require complex transfers and high fees. It simplifies onboarding and reduces foreign exchange costs, making crypto trading more accessible for the average user.
The service is currently by invitation only, with a full public rollout expected in the coming months.
The move is a “defining moment for digital assets in the UAE,” said Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, referring to the partnership that offers a secure bridge for traditional banks to access the world of digital assets. Bitpanda already complies with various European regulations and partners with major banks such as Deutsche Bank, N26, and Raiffeisen Bank.
Rakbank’s launch of its Crypto Custody Solution follows its 2024 partnership with Bitpanda to create a large digital asset management platform for the bank.
Conclusion
Rakbank, a UAE-based bank, has successfully launched crypto trading services. The move is being regarded as a significant milestone in the financial services sector in the UAE. Above all, it marks an important convergence between traditional banking and cryptocurrency. As more institutions hop on the bandwagon, the United Arab Emirates is establishing itself as a global hub for regulated digital assets, making crypto safer and easier for the average user.
