RAKBANK Launches UAE’s First Regulated Crypto Trading for Retail Users
RAKBANK makes history as first traditional bank in the UAE to launch regulated retail crypto trading service. In partnership with Bitpanda.
Quick overview
- RAKBANK becomes the first traditional bank in the UAE to launch a regulated retail crypto trading service in partnership with Bitpanda.
- Customers can trade cryptocurrencies like Bitcoin and Ethereum directly in AED through the mobile app, eliminating currency conversion and reducing costs.
- The service is regulated by Dubai's Virtual Assets Regulatory Authority and aims to simplify crypto transactions for retail investors.
- This initiative positions the UAE as a potential global hub for digital assets, attracting foreign investors and setting a precedent for other regional banks.
RAKBANK makes history as first traditional bank in the UAE to launch regulated retail crypto trading service. In partnership with Bitpanda, a European-regulated digital asset platform, RAKBANK customers can now trade digital currencies directly within the mobile app using UAE Dirhams (AED).
This is a big moment for the region, bringing crypto technology into the mainstream banking sector under the regulatory framework of Dubai’s Virtual Assets Regulatory Authority (VARA).
Customers can buy, sell and swap top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) all in AED. No currency conversion required, lower foreign exchange costs and a simpler user experience. Currently by invitation only and will roll out in the coming months.
Key Features of the Crypto Integration
This is facilitated by Bitpanda’s regional arm, Broker MENA which is licensed by VARA. The platform is designed for ease of use for both experienced and new retail investors. By linking crypto transactions to existing RAKBANK accounts, users get the safety and simplicity of banking processes without relying on external exchanges.
Benefits:
- AED settlements, no currency risks
- In-app crypto trading with no third party transfers
- Regulated under Dubai’s VARA, fully compliant
- Initial access for select users, wider rollout ahead
RAKBANK Group CEO Raheel Ahmed said: “We want to offer a seamless crypto journey, aligning with our overall strategy of financial innovation and customer empowerment.”
Crypto Adoption in the Gulf
This strategic partnership reflects the UAE’s growing ambition to be a global hub for digital assets. By bridging traditional banking with crypto, RAKBANK and Bitpanda are removing the barriers that have long held back retail investors – currency volatility and high transaction fees.
This will attract foreign investors and fintech enthusiasts, positioning the UAE as a forward thinking financial ecosystem. Analysts believe this model can be a template for other regional banks as regulatory clarity around crypto markets evolves.
With wider access coming soon, RAKBANK’s move signals a shift in how digital assets are offered, regulated and integrated across the Middle East banking landscape.
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