RAKBANK Turns into First UAE Financial institution to Provide Crypto Buying and selling

The Nationwide Financial institution of Ras Al Khaimah (RAKBANK), a government-owned financial institution within the United Arab Emirates (UAE), has develop into the primary typical financial institution within the nation to supply retail crypto buying and selling.

In a Tuesday press launch, the financial institution introduced the launch of a crypto brokerage service via its cell banking app, permitting prospects to purchase, promote and swap cryptocurrencies instantly from their UAE dirham accounts.

“We acknowledge the chance this answer will present to prospects within the UAE, as we consider they deserve a extra environment friendly and seamless crypto shopping for, promoting and swapping journey that’s totally regulated and fully in AED [dirhams],” Raheel Ahmed, Group CEO of RAKBANK, mentioned.

The brand new providing is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Dealer MENA DMCC, a Digital Belongings Regulatory Authority (VARA)-regulated entity in Dubai.

Associated: Dubai regulator clarifies real-world asset tokenization guidelines

Financial institution-backed crypto buying and selling now attainable

RAKBANK mentioned prospects will have the ability to commerce crypto without having to switch funds to an exterior trade or convert between fiat currencies, eliminating international trade charges. The combination makes use of Bitpanda’s infrastructure to execute trades and handle custody.

“We’re proud to be the primary typical financial institution within the UAE to allow easy, safe, and controlled entry to a world-class digital property platform,” Ahmed mentioned.

The crypto buying and selling service is at the moment accessible by invitation solely, with a broader rollout anticipated within the coming months.

Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, known as the partnership “an enormous second for digital property within the area.” Bitpanda is regulated in a number of European jurisdictions and has present institutional partnerships with Deutsche Financial institution, N26 and Raiffeisen Financial institution.

Cointelegraph reached out to RAKBANK for remark however had not acquired a response by publication.

Associated: Dubai faucets Crypto.com to allow crypto funds for govt providers

RAKBANK launches crypto platform in UAE

Final yr, RAKBANK partnered with Bitpanda to construct a digital asset administration platform for residents. The financial institution described digital property because the “future,” including that they provide a extra environment friendly and safe approach for patrons to handle funds.

RAKBANK’s push into crypto comes because the UAE strives to determine itself as a main vacation spot for blockchain and crypto tasks.

The Dubai Multi Commodities Centre free zone has attracted over 600 crypto corporations, with extra corporations flocking to the Dubai Worldwide Monetary Centre and One Central district because the nation positions itself as a pacesetter in digital finance.