RAKBANK has made history by launching the UAE’s first regulated cryptocurrency trading service, in partnership with Bitpanda. This groundbreaking initiative allows retail customers to trade Bitcoin (BTC), Ethereum (ETH), and XRP directly in UAE dirhams (AED), eliminating the need for currency conversion or third-party exchanges.
RAKBANK and Bitpanda: A Game-Changing Partnership
The collaboration between RAKBANK and Bitpanda brings seamless crypto trading to the UAE’s financial ecosystem. Key features include:
- Direct trading in AED without foreign exchange fees
- Integration within RAKBANK’s mobile banking app
- Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA)
- Enterprise-grade security from Bitpanda’s proven infrastructure
Why This UAE Crypto Trading Service Matters
RAKBANK’s regulated crypto offering addresses several pain points for UAE investors:
| Challenge | Solution |
|---|---|
| Currency volatility | AED-denominated trades |
| Security concerns | VARA-regulated platform |
| Complex transfers | In-app transactions |
| Limited access | Bank-integrated service |
The Future of Bitcoin Trading in the UAE
This launch aligns with the UAE’s vision to become a global fintech hub. With over 600 blockchain firms in Dubai’s DMCC free zone and recent regulatory approvals like Ripple’s RLUSD stablecoin, the region is rapidly embracing digital assets.
FAQs About RAKBANK’s Crypto Trading Service
Q: When will the service be available to all customers?
A: Currently invitation-only, with broader access expected in coming months.
Q: Which cryptocurrencies are supported?
A: Initially Bitcoin (BTC), Ethereum (ETH), and XRP, with more likely to follow.
Q: How does this differ from existing crypto exchanges?
A: It’s integrated within a traditional bank’s ecosystem with AED-native trading.
Q: What are the fees?
A: Exact fee structure hasn’t been disclosed, but eliminates foreign exchange costs.
