Rakbank introduces crypto trading for retail users in UAE via Bitpanda.
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Rakbank Becomes UAE’s First Bank to Offer Retail Crypto Trading
In a groundbreaking development for the United Arab Emirates’ financial landscape, the National Bank of Ras Al Khaimah (Rakbank) has become the first traditional bank in the country to offer cryptocurrency trading services to retail customers. This innovative service, launched in collaboration with Austria-based fintech company Bitpanda, is available through Rakbank’s mobile banking app, allowing users to buy, sell, and swap cryptocurrencies directly from their UAE dirham accounts.
Seamless and Regulated Crypto Transactions
Related: Bitpanda Receives Approval to Pave Way for Crypto Expansion in UAE
Rakbank’s new service is designed to streamline the crypto trading experience for retail customers by eliminating the need for external exchanges and the associated foreign exchange fees. The integration with Bitpanda’s infrastructure ensures that all transactions are executed securely and efficiently, with custody managed by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated entity in Dubai.
“We recognize the opportunity this solution provides to customers in the UAE, offering a more efficient and seamless crypto journey that is fully regulated and conducted entirely in AED [dirhams],” stated Raheel Ahmed, Group CEO of Rakbank, in a press release.
A Strategic Move in a Growing Crypto Hub
Related: Bybit Secures Provisional Crypto License from Dubai’s Virtual Asset Regulator
This initiative aligns with the UAE’s broader strategy to position itself as a global hub for blockchain and cryptocurrency innovation. The Dubai Multi Commodities Centre free zone has already attracted over 600 crypto companies, with many more establishing a presence in the Dubai International Financial Centre and One Central district.
The launch of Rakbank’s crypto trading platform follows its previous partnership with Bitpanda to develop a digital asset management platform, underscoring the bank’s commitment to advancing digital finance solutions. “This partnership marks a significant milestone for digital assets in the region,” remarked Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighting the importance of regulated and accessible digital asset platforms.
Future Prospects and Regulatory Context
Related: Dubai Police Collaborate with Crystal Blockchain to Address Crypto-related Crimes
Currently, Rakbank’s crypto trading service is available by invitation, with plans for a broader rollout in the coming months. This cautious approach reflects the bank’s commitment to ensuring a secure and compliant trading environment for its customers.
The UAE’s proactive regulatory framework, exemplified by the Dubai Financial Services Authority’s approval of Ripple’s RLUSD stablecoin, continues to foster an environment conducive to digital innovation and investment.
For more information on Rakbank’s offerings and the UAE’s crypto landscape, visit the official Rakbank website and explore the latest developments in the region’s digital finance sector.
John is a renowned journalist and blockchain enthusiast with over 12 years of experience covering global financial trends and cryptocurrency markets. His sharp insights and ability to break down complex topics make him a cornerstone of finandcrypto.com. Known for his analytical skills, John is passionate about delivering content that empowers the crypto community.
