Key Takeaways:
- RAKBANK becomes the first traditional UAE bank to offer regulated retail crypto trading directly in local currency (AED).
- Partnership with Bitpanda allows customers to buy, sell, and swap cryptocurrencies via RAKBANK’s mobile app without foreign exchange fees.
- Initial rollout is by invitation only, with wider access expected in the coming months as the UAE accelerates its digital finance ambitions.
The UAE just marked a turning point in crypto adoption. RAKBANK, a conventional financial institution, has stepped into the digital asset space, launching a fully regulated crypto trading service for retail customers. And the twist? It’s all in AED with no need for offshore wallets or currency conversions.
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RAKBANK’s Crypto Leap: Regulated Trading via Mobile App
RAKBANK has unveiled a crypto brokerage service embedded within its mobile banking platform. This makes RAKBANK the first traditional bank in the Emirates to offer retail users direct access to digital assets without intermediaries.
The service is powered by Bitpanda Broker MENA DMCC, the regional arm of Austria-based Bitpanda, which is regulated under Dubai’s Virtual Assets Regulatory Authority (VARA). Through this partnership, RAKBANK customers can buy, sell, or swap cryptocurrencies using their current or savings accounts, entirely in dirhams (AED). The streamlined integration avoids cumbersome transfers to third-party exchanges and bypasses foreign exchange costs – a long-standing friction point in crypto transactions.
No More Forex Friction: All AED, All in-App
A standout feature of this service is the elimination of currency conversion. Transactions are executed in AED, sidestepping the usual hassles of USD-pegged exchanges or cross-border platforms. Customers will be able to enter crypto market with their pool accounts and do not need to transfer money out of the RAKBANK ecosystem.
This will make onboarding a lot easier among retail investors who have long held off using decentralized platforms, or international exchanges, out of a sense of regulatory unpredictability or organizational complexity.
Powered by Bitpanda: Infrastructure Trusted by Global Banks
Bitpanda, founded in Vienna in 2014, brings enterprise-grade infrastructure to this offering. Large European financial institutions like Deutsche Bank, Raiffeisen Bank and N26 are already using its technology. By partnering with RAKBANK, Bitpanda expands its operations to the Gulf cooperation council and in the process reinforces its commitment to being an established platform for secure and compliant digital asset services.
Underpinning that is Bitpanda Technology Solutions, which enables banks and fintechs to connect directly with a full-stack digital assets trading platform ranging from trade execution to custody, all seamlessly within the confines of a regulated setup. The Dubai entity of Bitpanda, Bitpanda Broker MENA DMCC, is VARA-licensed and designed specifically for institutional-grade service in the region.
The UAE’s Larger Crypto Vision Comes into Focus
Why RAKBANK’s Move Matters
RAKBANK is not the first bank to dip their toes into the crypto world, but it is a move in a strategic direction that puts the RAKBANK in line with the UAEs goal to become a global hub of crypto. More than 600 blockchain and crypto companies are already registered in the free zone of Dubai Multi Commodities Centre (DMCC). Meanwhile, Dubai’s International Financial Centre (DIFC) is quickly becoming a magnet for tokenization startups, stablecoin issuers, and DeFi protocols.
Just last month, the Dubai Financial Services Authority (DFSA) approved Ripple’s RLUSD stablecoin, signaling growing regulatory maturity. Now, with RAKBANK jumping in, the focus shifts to integrated and regulated access to crypto, not just crypto-native companies offering services in silos.
RAKBANK CEO Raheel Ahmed emphasized this direction, stating the bank is committed to delivering a “simple, secure, and regulated” crypto experience for its customers. According to him, UAE residents deserve faster and more compliant access to digital assets through platforms they already trust. And this strategy of embedding crypto within traditional mobile banking reflects exactly that vision.
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