Rakbank becomes the first UAE bank to offer crypto trading for retail
In a Tuesday news release, the bank announced the launch of a crypto brokerage service through its mobile banking app, allowing customers to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts.
'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],' said Raheel Ahmed, group CEO of Rakbank.
The new offering is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated entity in Dubai.
Bank-backed crypto trading now possible
Rakbank said customers can trade crypto without needing to transfer funds to an external exchange or convert between fiat currencies, eliminating foreign exchange fees. The integration uses Bitpanda's infrastructure to execute trades and manage custody.
'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 said.
The crypto trading service is currently available by invitation only, with a broader rollout expected in the coming months.
Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, called the partnership 'a big moment for digital assets in the region.' Bitpanda is regulated in multiple European jurisdictions and has existing institutional partnerships with Deutsche Bank, N26 and Raiffeisen Bank.
Cointelegraph reached out to Rakbank for comment but had not received a response by publication. Rakbank launches crypto platform in UAE
Last year, Rakbank partnered with Bitpanda to build a digital asset management platform for residents. The bank described digital assets as the 'future,' adding that they offer a more efficient and secure way for customers to manage finances.
Rakbank's push into crypto comes as the UAE strives to establish itself as a primary destination for blockchain and crypto projects.
The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance.
Last month, the Dubai Financial Services Authority, the financial regulator in charge of the Dubai International Financial Centre, approved Ripple's RLUSD stablecoin.
Source: https://cointelegraph.com/news/rakbank-uae-first-bank-crypto-trading-retail
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