The National Bank of Ras Al Khaimah (Rakbank), a state-backed financial institution in the UAE, has made history by becoming the first traditional bank in the country to provide retail customers with access to cryptocurrency trading.
In a statement released on Tuesday, Rakbank unveiled its new crypto brokerage feature integrated directly into its mobile app. The service allows users to buy, sell, and exchange digital assets using their UAE dirham accounts—without needing to convert currencies or move funds to external platforms.
Raheel Ahmed, Rakbank’s Group CEO, said the bank sees great potential in delivering a regulated, AED-based crypto experience. “We believe UAE customers deserve a smooth, secure, and locally anchored way to interact with crypto markets,” he noted.
Crypto Trading Made Seamless and Local
The service is built in collaboration with Bitpanda, an Austrian fintech company. Bitpanda Broker MENA DMCC, a VARA-regulated entity based in Dubai, will handle the trades and asset custody behind the scenes.
“Our goal is to give customers direct and transparent access to crypto trading without the extra steps or hidden fees,” the bank stated, emphasizing that the integration removes the need for foreign currency exchange or third-party wallets.
Ahmed added, “Being the first conventional bank in the region to deliver a regulated crypto solution is a milestone we’re proud of.”
Initially, the feature will be offered to select users via invitation, with broader availability planned in the near future.
Lukas Enzersdorfer-Konrad, Bitpanda’s Deputy CEO, called the partnership a major step forward for digital finance in the Middle East. Bitpanda is already regulated across several European nations and works with institutions like Deutsche Bank, N26, and Raiffeisen Bank.
UAE’s Crypto Momentum Accelerates
This launch builds on Rakbank’s earlier collaboration with Bitpanda to develop a secure digital asset management platform. The bank previously referred to digital assets as a transformative force in personal finance, highlighting their potential to deliver both efficiency and safety.
Rakbank’s move reflects the UAE’s broader ambition to become a hub for blockchain and cryptocurrency innovation. Dubai’s regulatory-friendly environment—especially within the DMCC free zone—has already attracted more than 600 crypto firms, with more gravitating toward major business areas like DIFC and One Central.
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