Rakbank Breaks Ground as First UAE Bank to Offer Retail Crypto Trading

     

Government-owned bank launches AED-based crypto service via Bitpanda integration

Rakbank has become the first traditional bank in the United Arab Emirates to roll out crypto trading for retail users, marking a major step toward regulated digital asset access in the region. Announced Tuesday, the National Bank of Ras Al Khaimah introduced a crypto brokerage feature within its mobile app, enabling customers to buy, sell, and swap cryptocurrencies directly from their dirham-denominated accounts.

The service is powered by Austria-based Bitpanda and facilitated through Bitpanda Broker MENA DMCC – a Dubai-licensed entity regulated by VARA. Rakbank Group CEO Raheel Ahmed emphasized the platform’s focus on security, regulation, and ease of use: “We believe customers in the UAE deserve a seamless crypto experience that’s fully compliant and entirely in AED.”

Bank-backed crypto trading eliminates FX friction

With the new feature, Rakbank customers no longer need to move funds to offshore exchanges or convert currencies to access crypto markets – significantly reducing friction and eliminating foreign exchange fees. The integration with Bitpanda handles execution and custody through an institutional-grade infrastructure.

“We are proud to be the first conventional bank in the UAE to offer secure and regulated access to crypto,” said Ahmed. The rollout is currently invite-only, with a full public launch planned in the near future.

Bitpanda deputy CEO Lukas Enzersdorfer-Konrad called the partnership “a milestone for the digital asset space in the region.” Bitpanda is already partnered with major European institutions like Deutsche Bank, N26, and Raiffeisen Bank.

UAE’s crypto hub ambitions take another step

Rakbank’s crypto initiative builds on a 2023 partnership with Bitpanda to develop a digital asset management platform for UAE residents. At the time, the bank signaled that digital assets were “the future” of finance, offering more secure and efficient financial solutions.

The move aligns with the UAE’s broader strategy to become a global blockchain and crypto hub. Over 600 crypto firms have registered in the Dubai Multi Commodities Centre, with more setting up in the DIFC and One Central districts.

Last month, the Dubai Financial Services Authority approved Ripple’s RLUSD stablecoin – yet another signal of the country’s commitment to leading in digital finance innovation.