29.07.2025 22:53
Rakbank, a UAE government-owned bank, has become the first conventional bank in the United Arab Emirates to offer its customers retail cryptocurrency trading. This groundbreaking initiative, announced via a press release on Tuesday, allows users to buy, sell, and swap cryptocurrencies directly through their mobile banking app using their UAE dirham accounts, thereby eliminating the need for external exchanges.
The bank's new crypto brokerage service, a testament to their commitment to innovation, is powered by the Austrian fintech company Bitpanda, operating through its VARA-regulated subsidiary, Bitpanda Broker MENA DMCC, based in Dubai. This partnership ensures compliance with the UAE's regulatory framework for virtual assets. Rakbank's CEO, Raheel Ahmed, emphasized the bank's belief in providing customers with a more streamlined and secure crypto trading experience, entirely within the UAE dirham framework.
This seamless integration, leveraging Bitpanda's infrastructure for trade execution and custody, allows Rakbank customers to trade cryptocurrencies without the complications of external fund transfers or currency conversions, saving them on foreign exchange fees. The launch marks a significant step forward in making crypto trading accessible to a wider segment of the UAE population.
Initially accessible through an invitation-only system, the service is poised for a broader public rollout in the coming months. The collaboration has been lauded by Bitpanda's deputy CEO, Lukas Enzersdorfer-Konrad, as a pivotal moment for digital asset adoption in the region. Bitpanda, with its established regulatory presence across Europe and existing partnerships with major financial institutions like Deutsche Bank, N26, and Raiffeisen Bank, brings a wealth of experience and credibility to the partnership. While attempts to obtain further comment from Rakbank were unsuccessful at the time of publication from internet sources, the announcement itself speaks volumes about the evolving landscape of finance in the UAE.
