Now Reading: RAKBANK becomes first UAE conventional bank to offer crypto trading to retail customers | World News
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RAKBANK becomes first UAE conventional bank to offer crypto trading to retail customers | World News
RAKBANK becomes first UAE conventional bank to offer crypto trading to retail customers | World News
TL;DR:
- RAKBANK is the first conventional
UAE bank to allow retail crypto trading through its cell app.
- The service is delivered in collaboration with
Bitpanda Broker MENA DMCC, a licensed VARA-regulated platform.
- Customers can purchase, promote and swap Bitcoin, Ethereum,
Solana , and XRP instantly in AED, with out international alternate charges or third-party exchanges.
- Initially obtainable by invitation solely, with wider rollout anticipated within the coming months.
RAKBANK ’s transfer positions the UAE on the forefront of regulated fintech innovation within the area.
In a milestone for UAE finance, RAKBANK, the National Bank of Ras Al Khaimah, has launched a regulated retail crypto brokerage service built-in into its cell banking app. As of late July 2025, customers can purchase, promote, and swap digital property, reminiscent of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, instantly from their UAE dirham accounts, with out the necessity to fund exterior exchanges or pay international alternate charges. This makes RAKBANK the first conventional bank within the UAE to offer such a service by way of an official partnership with VARA‑regulated Bitpanda Broker MENA DMCC.
Strategic Significance
This transfer marks a essential level within the UAE’s fintech evolution, integrating cryptocurrency trading into the present banking expertise. The collaboration leverages Bitpanda’s institutional-grade infrastructure, permitting retail entry to digital property underneath regulatory oversight. By avoiding cross-border forex conversion, RAKBANK gives streamlined entry with no foreign exchange publicity, reinforcing confidence amongst home customers and international traders.
Key Features & Process
- Seamless Banking Integration: Customers use their present RAKBANK financial savings or present accounts to commerce crypto in-app, no exterior transfers wanted.
- Transact Fully in AED: Trades settle in UAE dirhams, eliminating forex conversion prices and simplifying pricing.
- Selected Asset List: Launch contains main cryptocurrencies (BTC, ETH, SOL, XRP), with different tokens to be added over time.
- Regulated Framework: Bitpanda Broker MENA DMCC operates underneath VARA licensing, guaranteeing compliance with UAE digital asset laws,
- Invitation‑Only Start: Limited rollout obtainable initially, with broader entry anticipated quickly.
Executive Statements
As per FF News, Group CEO Raheel Ahmed stated: “RAKBANK has been a leader, proud to be the first conventional bank in the UAE to provide simple, secure and fully regulated crypto trading in AED.” Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, added: “This collaboration is a major step in bringing safe, compliant crypto access to customers via a trusted banking partner.”
Impact & Broader Implications
- Mainstreaming Crypto Access: Traditional banking integration removes obstacles for retail participation, particularly amongst much less tech-savvy customers.
- Setting Regional Precedent: While different UAE banks consider comparable strikes, RAKBANK beneficial properties first-mover benefit in providing regulated crypto to retail shoppers.
- Supports National Strategy: The launch aligns with the UAE’s ambition to be a world fintech chief, underpinned by VARA’s regulatory framework and the event of the digital asset ecosystem.
RAKBANK’s integration of a VARA-regulated crypto trading service inside its cell banking app marks a pivotal second in UAE banking. The transfer simplifies entry to digital property and eliminates conventional transaction hurdles, whereas maintaining retail funding underneath a regulated, native framework. As the service transitions from invitation-based to broader availability, it lays the groundwork for different monetary establishments within the UAE to observe swimsuit, ushering in a brand new period of mainstream crypto banking.
FAQ
- 1. What has RAKBANK launched?
RAKBANK is the first conventional UAE bank to offer retail crypto trading instantly by way of its cell app.
- 2. Which cryptocurrencies can I commerce?
At launch, you possibly can commerce Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP.
- 3. Do I would like a separate crypto pockets or alternate account?
No. You can commerce instantly out of your RAKBANK AED account—no third-party wallets or exchanges wanted.
- 4. Is this service regulated?
Yes. It’s powered by Bitpanda Broker MENA DMCC, which is licensed by Dubai’s Virtual Assets Regulatory Authority (VARA).
- 5. Is the service obtainable to everybody now?
Not but. It’s presently by invitation solely, however wider rollout is anticipated quickly.
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