- RAKBANK now lets customers trade crypto straight from their bank app using local money.
- Bitpanda’s system helps users buy coins without moving funds to other crypto platforms.
- The UAE plans to lead in digital coins as more banks and rules support crypto growth.
In a milestone move, RAKBANK has become the UAE’s first conventional bank to launch retail crypto trading directly through its mobile app. The initiative is powered by Austria-based Bitpanda and supported by a regulated entity under Dubai’s Virtual Assets Regulatory Authority (VARA).
Crypto Trading Now Offered Through RAKBANK App
The National Bank of Ras Al Khaimah (RAKBANK) on Tuesday revealed it has launched a crypto brokerage service integrated into its mobile banking application. Through this feature, customers can now buy, sell, or swap digital assets directly from their AED current or savings accounts.
All transactions will be executed in UAE dirhams, which eliminates the need to convert to other fiat currencies or use offshore exchanges. This direct settlement structure simplifies the process and eliminates traditional foreign exchange fees.
The service uses Bitpanda’s regulated brokerage infrastructure. Bitpanda Broker MENA DMCC, licensed by VARA, will manage trade execution and custody services. This ensures security and compliance within Dubai’s crypto regulatory framework.
Group CEO of RAKBANK Raheel Ahmed stated, “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.”
A Partnership Aimed at Seamless Crypto Integration
Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, described the partnership as a “big moment for digital assets in the region,” noting the increasing demand for regulated access points. He added, “Together, we’re showing how crypto can be offered in a safe, regulated, and simple way.”
This collaboration builds on last year’s strategic agreement between RAKBANK and Bitpanda to create a digital asset platform tailored for UAE residents. RAKBANK called digital assets “the future” and viewed the initiative as a step toward modernizing personal finance solutions.
Users invited to try the crypto service will not need to link any third-party wallets or move funds externally. Trades are executed and settled within the same banking environment. According to the bank, this model offers a more controlled and secure method for customers to engage with crypto assets. “This service is in line with our strategy of being the digital bank with a human touch,” Ahmed added.
UAE’s Broader Push Toward Global Crypto Leadership
RAKBANK’s offering arrives at a time when the UAE is aggressively building its presence in the blockchain and crypto space. Dubai’s free zones, such as the Multi Commodities Centre, have already attracted over 600 crypto firms.
At the Dubai International Financial Centre, financial regulators are progressively approving more digital asset products. Last month, the Dubai Financial Services Authority greenlit Ripple’s RLUSD stablecoin, another step in reinforcing Dubai’s status as a global crypto-friendly jurisdiction.
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BitPanda is already partnering with European financial institutions like Deutsche Bank and N26, as well as Raiffeisen Bank, and thus perceives the UAE as a fruitful and regulated country in terms of introducing innovation. The UAE is seeing regulatory developments, unlike the Western markets, where there is no certainty of regulation.
Currently, the RAKBANK-Bitpanda launch is already live in an invitation-only process, so customers should look forward to having this in the next few months. With the increased usage of digital assets in the Gulf region, the most critical question that arises is whether other Gulf banks will join in providing regulated crypto access to retail clients?
