RAKBANK becomes the first UAE bank to offer crypto trading for retail

Key Points

1. RAKBANK enables retail users to buy, sell, and swap cryptocurrencies directly from their UAE dirham accounts through its mobile app.

2. The service is powered by Austria-based Bitpanda and facilitated by Bitpanda Broker MENA DMCC, a VARA-regulated entity in Dubai.

3. RAKBANK's CEO Raheel Ahmed emphasized the move as part of providing efficient and seamless crypto access for UAE customers.

4. The UAE is positioning itself as a hub for blockchain and crypto projects, with Dubai attracting over 600 crypto companies.

5. Bitpanda, which powers the service, is also regulated in partnerships with major banks like Deutsche Bank and Raiffeisen Bank.