UAE's Traditional Bank RAKBANK Debuts Regulated Cryptocurrency Trading, Pioneering the Industry Within the Region
RAKBANK Launches UAE's First Regulated Retail Crypto Trading Service
In a groundbreaking move, RAKBANK, in partnership with Bitpanda, has introduced the UAE's first regulated retail crypto trading service. This service allows customers to trade cryptocurrencies directly in UAE dirhams (AED) through the RAKBANK mobile app [1][2][3][4].
The significance of this partnership is multifaceted. It marks a pioneering step by a conventional UAE bank to offer regulated crypto access to retail customers, integrating Bitpanda’s institutional-grade infrastructure under the oversight of Dubai’s Virtual Assets Regulatory Authority (VARA) via Bitpanda’s regional arm, Broker MENA. This ensures full compliance with local regulations while providing a secure and simplified user experience without currency conversion or transfers to third-party exchanges, eliminating forex risk and reducing trading complexity and costs [2][4].
This collaboration aligns closely with the UAE's ambitions to become a global hub for digital finance. By bridging traditional banking and digital asset ecosystems, it supports the UAE’s regulatory advancement in digital asset adoption and financial innovation. This initiative is seen as a model that could influence other banks in the region, fostering a more integrated and regulated crypto market in the Middle East [1][2].
The service is currently available on an invitation-only basis, with plans for a gradual rollout to a wider customer base in the coming months. RAKBANK's CEO, Raheel Ahmed, emphasized the bank's commitment to delivering a "simple, secure, and regulated" crypto experience for its customers [5].
Moreover, the service aims to make onboarding easier for retail investors who have previously held off using decentralized platforms or international exchanges due to regulatory unpredictability or organizational complexity. The crypto trading service is available via RAKBANK's mobile app, with no foreign exchange fees [6].
Dubai's International Financial Centre (DIFC) is quickly becoming a magnet for tokenization startups, stablecoin issuers, and DeFi protocols. The UAE's digital finance ambitions are accelerating with the launch of the regulated crypto trading service by RAKBANK, adding to the growing number of more than 600 blockchain and crypto companies already registered in the free zone of Dubai Multi Commodities Centre (DMCC) [7].
In summary, RAKBANK’s partnership with Bitpanda exemplifies a forward-looking approach to embedding digital assets within the regulated banking sector, advancing the UAE’s strategy for a digitally innovative financial ecosystem while empowering customers with streamlined, regulated crypto trading opportunities [1][2][4].
- RAKBANK has launched the UAE's first regulated retail crypto trading service, allowing customers to trade cryptocurrencies directly in UAE dirhams (AED) through the RAKBANK mobile app.
- This partnership with Bitpanda integrates Bitpanda’s institutional-grade infrastructure under the oversight of Dubai’s Virtual Assets Regulatory Authority (VARA) via Bitpanda’s regional arm, Broker MENA.
- By offering regulated crypto access to retail customers, the service bridges traditional banking and digital asset ecosystems, aligning with the UAE's ambitions to become a global hub for digital finance.
- The crypto trading service aims to make onboarding easier for retail investors, eliminating forex risk and reducing trading complexity and costs.
- The service is currently available on an invitation-only basis, with plans for a gradual rollout to a wider customer base in the coming months.
- Dubai's International Financial Centre (DIFC) is attracting tokenization startups, stablecoin issuers, and DeFi protocols, and the launch of the regulated crypto trading service by RAKBANK is further accelerating the UAE's digital finance ambitions.
- The service is expected to empower customers with streamlined, regulated crypto trading opportunities, advancing the UAE’s strategy for a digitally innovative financial ecosystem, and potentially influencing other banks in the region to adopt similar practices.
