RAKBANK has announced it will enable retail cryptocurrency trading in UAE dirhams (AED) directly through its mobile banking application, marking a pioneering move for the UAE banking sector. The service allows customers to buy, sell, and swap digital assets using local currency, eliminating foreign exchange fees and simplifying access to crypto markets.
Powered by Bitpanda’s technology infrastructure registered under Dubai’s Virtual Assets Regulatory Authority (VARA), the integration ensures regulatory compliance and security standards. This positions RAKBANK as the first UAE-based bank to provide such direct retail crypto services using native currency rails.
The launch aligns with the UAE’s rapidly expanding cryptocurrency ecosystem, which now hosts over 600 crypto-focused enterprises, and reflects Dubai’s broader ambitions to become a global blockchain innovation hub through regulatory initiatives like VARA.